The Nigerian stock market, yesterday closed lower despite improved market breadth and volume traded.

In summary, the All Share Index (ASI) shed 10.05 absolute points, representing a decline of 0.03 per cent to close at 36,877.15 points.

The market capitalisation shed N3 billion, representing to close at N12.763 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, International Breweries, Unilever Nigeria, PZ Industries and Dangote Cement.

Analysts at Afrinvest Limited noted that, “Although market performance was dragged by profit taking, investor sentiment strengthened. Hence, we expect to see a rebound in subsequent trading sessions.”

They also stated: “Our view is further buttressed by the sustained rally in oil prices, above $60 per barrel, which is expected to have a positive knock on impact on the broader economy.”

However, market breadth was positive, with 27 gainers versus 18 losers. FBN Holdings recorded the highest price gain of 9.22 per cent, to close at N7.11 per share. Flourmill followed with a gain of 4.92 per cent to close at N33.69, while UPL appreciated by 4.89 per cent, to close at N2.36 per share.

Eterna went up by 4.86 percent, to close at N3.88, while UAC Property rose by 4.81 per cent to close at N2.83 per share.

On the other hand, custodian and Allied Insurance led the losers’ chart by five per cent, to close at N3.80 per share. Trans-Nationwide Express followed with a decline of 4.94 per cent to close at 77 kobo, while Airline Service depreciated by 4.92 per cent to close at N6.76 per share.

Linkage Assurance declined by 4.65 percent, to close at 82 kobo and Neimeth declined by 4.62 per cent to close at 62 kobo per share.

Also, the total volume traded appreciated by 27.59 per cent to 318.15 million shares, worth N395 billion, and traded in 5,472 deals.

Transactions in the shares of FBN Holdings topped the activity chart with 73.41 million shares valued at N513.22 million. Union Dicon followed with 58.01 million shares worth N29 million, while UBA traded 32.03 million shares valued at N316.69 million.

Fidelity Bank traded 19.75 million shares valued at N30.96 million, while Zenith Bank sold 17.17 million shares worth N441.21 million.

source: https://independent.ng/equities-market-closes-lower-despite-improved-activities/