The equity segment of the Nigerian Stock Exchange (NSE) closed today on a bearish trend, dipping 0.04 percent in value.
Specifically, the All Share Index (ASI) shed 16.42 absolute points, representing a dip of 0.04 percent to close at 40,772.26 points. Similarly, the market capitalization shed N5.93 billion, representing a dip of 0.04 percent to close at N14.73 trillion.
Analysts at Investment One, a research firm, attributed the losses recorded by medium and large capitalized stocks occasioned the stock market bearish outlook for the day.
The firm noted further that the Nigerian equities market closed on Tuesday following the losses in Oil and Gas, Industrial and Consumer Goods sectors, projecting that it expected “the market to trade sideways in the absence of positive news flow. With this said, we highlight the potential for the market to gain as investors reinvest dividend income.”
However, market breadth closed positive, recording 24 gainers against 18 losers.
At the close of the trading, Seplat Oil recorded major decline in its share price, losing N23 or 3.29 percent to close at N702 from the N725.9 it opened the trading session.
Similarly, International Breweries lost N1.05 or 2.10 percent to close at N48.95 per share, the share price of West Africa Portland Cement declined 95 kobo or 2.04 percent to close at N45.65 per share.
Nigerian Breweries and Union Bank of Nigeria dipped nine and three kobo or 0.71 and 4.76 percent to close at N126 and N6 respectively.
Against all odds, Julius Berger led on the price advancers’ table with N1.02 or 4.05 percent value addition. It closed at N25.95 from the opening value of N27 per share.
Oando trailed with 0.8 or 9.70 percent to close at N9.05 per share, while Ecobank Transnational Incorporated gained five kobo or 2.63 percent to close at N19.5 per share, NNFM was up three kobo or 4.58 percent to close at N6.85 per share
Fidson recoded 26 kobo or 4.72 percent value addition to close at N5.77 per share.
In all, investors bought and sold 230.17 million shares valued at N4.31 billion exchanged in 4,090 deals.