The equities market closed yesterday on a negative note to commence the weekly trading activities on the downswing after it also finished last Friday in the red.
The market performance indices, NSE ASI, depreciated by 0.78 per cent each. At the close of business, there were 14 gainers as against 34 losers.
The downswing, according to market watchers, was due to sustainable sell offs by investors. Consequently, the All-Share Index dropped by 28.62 basis points or 0.78 per cent from 30,638.90 index points last Friday to 30,400.28 while the market capitalisation of equities depreciated by N89 billion to close at N11.336 trillion from N11.425 trillion.
Further analysis of the day’s trading showed that Diamond Bank Plc and Wapic Insurance Plc topped the day’s gainers’ table with 10 per cent each to close at N1.98 and 44 kobo per share respectively while AG Leventis Plc followed with 7.41 per cent to close at 29 kobo per share.
AIICO Insurance Plc added 6.25 per cent to close at 68 kobo per share. On the flip side, NEM Insurance Plc and Resort Savings and Loans Plc led the losers’ chart with a drop of 10 per cent each to close at N2.34 and 45 kobo per share respectively.
MRS Plc shed 9.92 per cent to close at n23.15 per share. UACN Plc trailed behind with 9.90 per cent to close at N8.65 per share.
On the activity chart, the banking sub-sector dominated in volume terms with 104.2 million shares exchanged in 930 deals. The sub-sector was enhanced by activities in the shares of Diamond Bank Plc and GTB Plc.