By Chinyere Joel-Nwokeoma
The Nigerian equities market dipped further on Thursday with the market capitalisation losing N265 billion within seven hours of trading due to price loses by blue chips.
Specifically, the market capitalisation closed lower at N13.993 trillion having lost N265 billion or 1.86 per cent from the N14.258 trillion achieved on Wednesday.
The All-Share Index, which opened at 29,256.60, shed 544.30 points or 1.86 per cent to close at 28,712.30.
Some analysts at Afrinvest said: “barring any catalyst to spur investors’ appetite, we expect the bearish performance to persist in the near-term.”
Also, analysts at Cordros Capital said: “our projection for equities in the short to medium-term remains conservative amidst the absence of any catalyst of market returns.”
Most blue chip posted price loses with Nestle leading the pack with a loss of N65 to close at N1,280 per share.
Airtel Africa trailed with N35.90 to close at N323.50,…
Source: News Agency of Nigeria