The Nigerian Stock Exchange (NSE) on Thursday reversed gains posted on the first trading day of the second half of the year, dropping 0.90 per cent.
The loss position was due to profit taking and portfolio repositioning ahead of second quarter earnings.
Specifically, the market capitalisation dipped N115 billion to close at N12.715 trillion against N12.830 trillion achieved on Wednesday.
In the same vein, the All-Share Index lost 220.65 points to close at 24,374.40 compared with 24,595.05 recorded on Wednesday.
The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Unilever, Guaranty Trust Bank, Flour Mills, Zenith Bank and Cadbury Nigeria.
Analysts at APT Securities and Funds Limited stated: “We expect a slowdown in market activity in a short while before positive rally picks up in mid to long term, owing to anticipated half year earnings release.”
The market breadth closed negative with seven gainers and 26 losers.
A breakdown of the price movement table indicates that Capital Hotel and GlaxoSmithKline led the losers’ chart in percentage terms, losing 10 per cent each, to close at N2.43 and N4.95 per share, respectively,
Unilever came second with a loss of 9.80 per cent to close at N13.80, per share.
C& I Leasing dipped 9.78 per cent to close at N4.15, while Sterling Bank shed 9.49 per cent, to close at N1.24, per share.
Conversely, Neimeth dominated the gainers’ chart in percentage terms, gaining 9.40 per cent, to close at N1.63, per share.
Jaiz Bank trailed with 7.27 per cent to close at 59k, while Unity Bank inched higher by 6.38 per cent to close at 50k, per share.
Nigerian Aviation Handling Company appreciated by 5.53 per cent to close at N2.10, while Red Star Express garnered 4.76 per cent to close at N3.30, per share.
Consequently, the total volume traded declined by 9.03 per cent as investors bought and sold 180.12 million shares, worth N1.85 billion traded in 3,889 deals.
This was against a turnover of 198.01 million shares valued at N1.04 billion achieved in 3,772 deals on Wednesday.
Transactions in the shares of United Bank for Africa topped the activity chart with 23.93 million shares worth N153.17 million.
FBN Holdings followed with 21.57 million shares valued at N110.47 million, while Guaranty Trust Bank accounted for 21.09 million shares worth N446.003 million.
Transcorp traded 16.82 million shares valued at N10.43 million, while Zenith Bank transacted 15.54 million shares worth N236.47 million.