Nigerian equities continue on the downward trend yesterday as profit-taking transactions on mid and large cap stocks overshadowed gains by the majority of traded stocks.
Benchmark indices at the Nigerian Exchange (NGX) indicated average decline of 0.09 per cent, equivalent to net capital depreciation of N49 billion.
The All Share Index (ASI)-the value-based common index that tracks all share prices at the NGX, dropped from its opening index of 99,304.12 points to close at 99,217.60 points.
Aggregate market value of all quoted equities also declined from its opening value of N56.175 trillion to close at N56.126 trillion.
With 27 gainers to 23 losers, the negative overall market situation was driven by losses in mid and large-cap stocks, especially Dangote Sugar Refinery, Lafarge Africa, Oando, Zenith Bank and Honeywell Flour Mills.
On the upside, Okomu Oil recorded the highest gain of 10 per cent to close at N291.50 per share. John Holt followed with a gain of 9.79 per cent to close at N3.14. Consolidated Hallmark Holdings increased by 9.43 per cent to close at N1.74 per share. Secure Electronic Technology appreciated by 9.09 per cent to close at 60 kobo while Regency Alliance Insurance rose by 7.14 per cent to close at 45 kobo per share.
On the negative side, Oando led the losers with a drop of 9.75 per cent to close at N12.50 per share. University Press followed with a loss of 9.09 per cent to close at N2.50. Academy Press lost 8.0 per cent to close at N1.84 per share. Honeywell Flour Mills dipped by 7.94 per cent to close at N3.13 while UPDC lost 7.86 per cent to close at N1.29 per share.
The momentum of activities also slowed down, with total turnover dropping by 62.86 per cent to 361.573 million shares valued at N6.163 billion in 8,511 deals. Transnational Corporation (Transcorp) topped the activity chart with 47.509 million shares valued at N581.921 million. Guaranty Trust Holding Company (GTCO) followed with 37.853 million shares worth N1.647 billion. Veritas Kapital Assurance traded 34.951 million shares valued at N31.384 million. FBN Holdings (FBNH) traded 27.402 million shares valued at N548.257 million while Access Holdings transacted 26.980 million shares worth N504.365 million.