The Nigerian stock market recorded its second consecutive loss for the week as the All Share Index (ASI) dropped 0.66 percent to close at 27,044.36 points, increasing the year to date loss to 5.58 percent.
The day’s performance was preceded by a general decline among the sectoral indices, except the NSE Insurance Index that added 0.53 percent on account of a 2.59 percent growth in the shares of Axamansard Insurance Plc
Price depreciation in Ashaka Cement, Nascon among others, dragged the market performance, resulting in a loss of N61.4 billion by investors as market capitalisation fell to N9.289 trillion.
Market activity, as measured by total volume traded, decreased by 44.5 percent to 112.5 million shares valued at N2.4 billion in 2,684 deals, as against 202.7 million shares valued at N1.259 billion traded in 3,337 deals on Wednesday.
Market breadth closed negative as 17 gainers were paired against 20 losers. Ashaka Cement Plc led the day’s declining stocks with a depreciation of 9.71 percent to close at N11.07 per share. Nascon Allied Industries Plc followed with a loss of 4.88 percent to close at N7.61 per share and UPL Plc dropped 4.88 percent to close at N4.09 per share.
On the other hand, Honeywell Flourmills Plc grew by 7.89 percent to close at N1.23 per share, May and Baker Plc added 4.76 percent to close at 88 kobo per share, and Learn Africa Plc increased by 3.95 percent to close at 79 kobo per share.
Transactions in the shares of May and Baker Plc topped the activity chart with 23.4 million shares valued at N20.6 million. Sterling Bank Plc followed, having traded 8.8 million shares worth N7.3 million, while Transcorp Plc traded 8.3 million shares valued at N7.7 million.