Market dips 0.6% as bears maintain grip

Trading on the Nigerian Stock Exchange closed negative on Thursday as the All Share Index fell by 0.6 per cent to close at 30,123.20 points, against the 0.62 per cent lost on Wednesday at 30,141.06 points.

Market Capitalization similarly lost N6.140 billion to close at N10.352 trillion against N65.135 billion lost the preceding day to close at N10.358 trillion.

To further demonstrate the bearish outlook, seven of the eleven sectoral indices declined at the close of trading for the day.

Specifically, the Consumer Goods Index leading three sectoral gainers by a 0.2 per cent gain to close at 782.78 points, while the ASEM Index closed flat.

Trans-Nationwide Express Plc, topped 18 equity gainers with a 9.18 per cent or 9 kobo gain to close at N1.07 per share.

It was followed by Berger Plc which added 4.95 per cent or 49 kobo to close at N10.39 per share while Okomuoil Plc increased 4.22 per cent or N1.16 to close at N28.66 per share.

Evans Medical Nigeria Plc appreciated 3.28 per cent or 2 kobo to close at 63 kobo per share while Fidson Health Care Plc increased 3.17 per cent or 10 kobo to close at N3.25 kobo per share.

Conversely, Ikeja Hotel Plc led 23 equity losers as it decreased 5.00 per cent or 18 kobo to close at N3.42 per share followed by B.O.C Gases Plc which depreciated 4.78 per cent or 21 kobo to close at N4.18 per share, while Mansard Plc declined 4.42 per cent or 11 kobo to close at N2.38 per share.

NEM Plc lost 4.29 per cent or 3 kobo to close at 67 kobo per share, while Skye Bank Plc dropped 3.98 per cent or 9 kobo to close at N2.17 per share.

A total of 219.553 shares valued at N1.911 billion were exchanged by investors on the NSE in 3,126 deals.