The bears continue to dominate the Nigerian equities space as the market’s benchmark capitalization further dipped by N26 billion yesterday.
At the end of trading the NSE All Share Index depreciated by 74.77 points represented 0.25 per cent to close at 30,436.18 points just as market capitalization lost N26 billion to close yesterday session at N10.432 trillion on the back of sell-offs in large-cap stocks.
The volume and value traded yesterday dropped by 30.71 per cent and 4.55 per cent to 154.3 million units and N4.2 billion.
Market breadth however remained negative as only 14 stocks gained as against 16 of previous trading day while 32 stocks declined compared to 29 of preceding trading.
United Capital analysts therefore advised investors to trade cautiously as negative sentiments persist in the market, saying although cheap prices provide opportunity for long-term position in value stocks.
However, banking stocks dominate the trading in terms of volume trading on the bourse as UBA Plc traded 18.309 million unit of share valued N77.054 million, followed by Guaranty Trust Bank Plc with 11.030 million worth N262.639 million and FCMB Plc and Transnational Corporation of Nigeria Plc traded 8.619 million unit and 8.313 million unit accounted for N23.302 million and N17.519 million respectively.