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Nigeria’s equity market closed Thursday’s trading on a negative note as price depreciation in the shares of Union Diagnostics and Transcorp dragged the All Share Index (ASI) down by 0.27 per cent to 29,030.93 points.
Consequently, the market’s year-to-date (YTD) return moderated to 8.2 per cent while capitalisation fell N41 billion to N14.953 trillion. Activity level improved as volume and value traded rose 13.1 and 98.1 per cent to 274.4 million units and N9.09 billion respectively, exchanged in 4,411 deals.
Reacting to the development, market analysts are of the view that the market would see further profit taking. Analysts at Afrinvest said, “Despite opportunities for bargain hunting in the equities market, we expect the market to close the week on a bearish note”.
Investors’ sentiment remained low as 21 stocks depreciated in value while 10 others appreciated. UACN topped the losers’ chart with 10 per cent to close at N9 per share, Union Diagnostics followed with a loss of 9.09 per cent to close at 0.20 kobo, Transcorp decreased by 8.82 per cent to close at 0.93 kobo, ABC Transport lost 8.11 per cent to close at 0.34 kobo while Lasaco dropped 7.14 per cent to close at 0.26 kobo.
