Depreciation recorded in the equities market continued for the eighth day running for the eighth day running yesterday, as the All Share Index (ASI) lost 0.15 percent more to close at 25,461.34 points.
Market capitalization declined N13 billion to settle at N8.765 trillion as the year-todate losses increased to -11.11 percent.
According to market analysts, weak macroeconomic data as well as high discount rate remain the major drag to market performance. This is even as the economic remains in the rut with Gross Domestic Product (GDP) contracting to -2.24 per cent yearon-year in real terms as at the end of Quarter Three (Q3) 2016 and inflation rising to a record high of 18.3 percent in October 2016.
“We expect sentiment to stay anchored on macroeconomic policy responses, particularly on FX management, to the economic recession” said an analyst at Afrinvest.
However, market performance as measured by the total volume traded showed an appreciation of 8 percent to 120.9 million units valued at N1.186 billion and transacted in 2,397 deals compared to 112.4 million shares valued at N858.5 million transacted in 2,532 deals on Monday.
Diamond Bank emerged the most traded stock for the day with 18.3 million shares valued at N16.6 million. Access Bank followed with 14.6 million shares worth N80.8 million, while Transcorp traded 13.7 million shares valued at N9.2 million. Skye Bank was responsible for 10.1 million shares worth N5.1 million and FBN Holdings came fifth, exchanging 7.7 million shares for N23.1 million.
Investors’ appetite, remained negative as market breadth closed with 11 gainers paired against 17 losers. Champion Breweries led the gainers chart with an 8.41 percent appreciation to close at N2.45 per share.
Flourmills followed with a 5 percent growth to close at N17.85 per share, while Africa Prudential Registrars recorded a gain of 4.91 percent to close at N2.78 per share. Unity Bank grew by 3.57 percent to close at 58 kobo per share and Mobil added 2.63 percent to close at N195.01 per share.
On the other hand, Forte Oil led the declining stocks by 9.74 percent to close at N74.62 per share, this was followed by Livestock feeds that shed 5 percent to close at 76 kobo per share and Total that lost 5 percent to close at N255.58 per share. Neimeth Pharmaceuticals and Nascon Allied Industries likewise dropped 4.88 and 4.77 percent each to close at 78 kobo and N7.19 per share respectively
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