By Dipo Olowookere
The downtrend in the Nigerian stock market continued on Tuesday as a result of sustained profit taking activities. The local bourse depreciated by 0.34 percent yesterday as investors continue to offload some stocks in their holdings.
At the close of business, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) went down by 100.46 points to close at 29,096.41 points, while the market capitalisation reduced by N37 billion to settle at N10.936 trillion.
During the trading day, the market breadth was bearish as a result of the losses recorded by 32 counters and the gains printed by 11 stocks.
Julius Berger recorded the highest price decline yesterday, going down by N2.05k to settle at N24.90k per unit. Okomu Oil lost N2 to finish at N70 per share, while Dangote Flour suffered N1.75k decline to end at N16 per share. Furthermore, Cadbury Nigeria depleted by N1.10k to close at N10.70k per share, while Zenith Bank depreciated by 35 kobo to close at N20.55k per share.
At the other side, Beta Glass had a better day yesterday, appreciating by N5.70k to settle at N62.7 0k per share. Access Bank gained 20 kobo to finish at N7.15k per share, while Custodian Investment rose by 15 kobo to end at N6.50k per share. Also, FBN Holdings and PZ Cussons both appreciated by 5 kobo to close at N7.45k and N9 respectively.
Despite the loss posted by the market on Tuesday, the volume and value of shares traded by investors appreciated by 58.73 percent and 103.97 percent respectively.
A total of 430.3 million equities worth N2.8 billion were exchanged yesterday compared with the 271.1 million units valued at N1.4 billion transacted the previous session.
Adedapo Adesanya