By Chinyere Joel-Nwokeoma
Lagos – The nation’s bourse returned to negative territory on Thursday with indices declining by 1.36 per cent, due to profit taking.
Consequently, the All-Share Index decreased by 309.51 points or 1.36 per cent to close at 22,470.79 against 22,780.30 achieved on Wednesday.
Similarly, the market capitalisation dipped by N162 billion or 1.36 per cent to close at N11.710 trillion compared with N11.872 trillion on Wednesday.
The downturn was impacted by losses recorded by large and medium capitalised stocks, amongst which are: Nestle Nigeria, Dangote Cement, BUA Cement, UACN and Ecobank Transnational.
Analysts at Afrinvest Limited stated that, “In line with current events shaping economic and business activities, we also foresee the first quarter, 2020 corporate earnings to partly influence investors’ sentiments in the short term.”
An analysis of the price movement table shows that ETI and UACN led the losers’ chart in percentage terms, dropping by 10 per cent each, to close at N4.50 and N6.75 per share, respectively.
Linkage Assurance trailed by 8.62 per cent to close at 53k per share.
Skyway Aviation Handling Company inched lower by 7.22 per cent to close at N1.67, while Livestock Feeds lost 7.14 per cent to close at 65k per share.
On the other hand, Jaiz Bank topped the gainers’ chart in percentage terms, improving by 10 per cent, to close at 55k per share.
Cadbury followed with a gain of 9.52 per cent to close at N6.90 per share.
Wema Bank and United Capital rose by 9.09 per cent each, to close at 60k and N2.40 per share, respectively.
Vitafoam appreciated by 6.12 per cent to close at N4.51per share.
Transactions on shares of Access Bank topped the activity chart with 46.81 million shares valued at N297.34 million.
FBN Holdings followed with 32.64 million shares worth N141.03 million, while Zenith Bank traded 19.38 million shares valued at N268.43 million.
United Capital sold 13.87 million shares worth N32.64 million, while Guaranty Trust Bank transacted 13.56 million shares valued at N256.72 million.
In all, the total volume of shares traded rose by 8.19 per cent as investors bought and sold 201.46 million shares, worth N3.36 billion in 3,381 deals.
This was in contrast with 186.23 million shares valued at N1.85 billion shares achieved in 3,446 deals on Wednesday.