The Nigerian equities market opened yesterday on a negative note to kick start this week trading session with a decline of 2.22 per cent buoyed by declining investors’ appetite on MTN Nigeria.
The All – Share – Index (ASI) shed 686.58 absolute points, representing a dip of 2.22 per cent to close at 30,194.71 points. Similarly, the market capitalisation dropped by N303 billion to close at N13.299 trillion.
Yesterday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which are, MTN Nigeria, Dangote Cement, Forte Oil, Africa Prudential and Oando.
Analysts at Afrinvest Limited stated that “In line with our expectation, market performance was negative as investors booked profit on large-cap stocks which rallied the previous week. We expect the negative performance to persist in the absence of any major catalyst.”
Market breadth was negative with 14 gainers against 19 losers. Neimeth Pharmaceuticals recorded the highest…