The All Share Index decreased by 232.60 absolute points, representing a decline of 0.46 per cent to close at 50,489.73 points. Similarly, the market capitalisation lost N125 billion to close at N27.233 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications , Industrial and Medical Gases Nigeria, Zenith Bank, Skyway Aviation Handling Company and Ellah Lakes Plc. Analysts at United Capital Plc, said: “this week, we expect the impact of the increased benchmark lending rate on equity markets to continue to take effect, returning to a bear market. Investors are expected to continue cherry-picking stocks with solid underlying fundamentals.”
Also, market breadth closed negative, with 10 gainers versus 15 losers. Japaul Gold and Ventures recorded the highest price gain of 8.82 per cent to close at 37 kobo, per share. Honeywell Flour Mill followed with a gain of 5.73 per cent to close at N2.95 and Cornerstone Insurance rose by 5.63 per cent to close at 75 kobo, per share.
Lasaco Assurance went up by 5.38 per cent to close at 98 kobo, while United Capital appreciated by 4.49 per cent to close at N12.80, per share.
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