Transactions on the Nigerian Stock Exchange (NSE) maintained a downward trend for the fourth consecutive trading day with the market indicators extending its losing streak by 0.27 per cent.
Newsmen report that the market capitalisation on Thursday dipped N41 billion or 0.27 per cent to close at N14.953 trillion against N14.994 trillion on Wednesday.
Also, the All-Share Index (ASI) dropped 79.97 points or 0.27 per cent to close at 29,030.93 in contrast with 29,110.90 posted on Wednesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, UACN, BUA Cement, PZ Cussons and United Bank for Africa.
Analysts at Afrinvest Limited stated that “despite opportunities for bargain hunting in the equities market, we expect the market to close the week on a bearish note.”
The market closed negative with 10 gainers and 21 losers.
UACN led the losers’ chart in percentage terms, depreciating by 10 per cent to close at N9 per share.
Union Diagnostic & Clinical Services followed with a decline of 9.09 per cent to close at 20k, while Transcorp lost 8.82 per cent to close at 93k per share.
Associated Bus Company decreased by 8.11 per cent to close at 34k, while Lasaco Assurance and Livestock Feeds shed 7.14 per cent each to close at 26k and 52k respectively, per share.
Conversely, Cornerstone Insurance led the gainers’ chart in percentage terms with a growth of 9.26 per cent to close at 59k per share.
NEM Insurance garnered 9.09 per cent to close at N2.40, while Consolidated Hallmark Insurance appreciated by 8.33 per cent to close at 39k per share.
Neimeth grew by 7.84 per cent to close at 55k, while Unity Bank appreciated by 6.67 per cent to close at 64k per share.
Meanwhile, transactions in the shares of Guaranty Trust Bank topped the activity chart with 75.73 million shares valued at N2.27 billion.
MTN Nigeria followed with 37.55 million shares worth 4.55 billion, while UBA traded 26.89 million shares valued at N221.04 million.
Zenith Bank sold 23.96 million shares valued at N507.26 million, while Unilever transacted 21.79 million shares worth N326.96 million.
In all, investors bought and sold 274.47 million shares, worth N9.09 billion traded in 4,411 deals.
This was in contrast with a total of 242.76 million shares valued at N4.59 billion achieved in 3,556 deals on Wednesday.