The Nigerian equity market continued its downtrend on Monday, extending its bearish trend to 6-successsive trading sessions.
The overall market performance index, NSE-ASI, came down by 0.36 per cent; and this in nominal term translates to a N48 billion reduction in market capitalization value.
The decline was mainly driven by losses in Industrial Goods stocks and three others. Consequently, market breadth closed negative, recording 15 gainers and 20 losers.
The All Share Index (ASI) shed 109.94 absolute points, representing a decline of 0.36 per cent to close at 30,322.19 points. Similarly, Market Capitalization lost N48.42 billion, representing a dip of 0.36 per cent to close at N13.35 trillion.
CHIPLC & UAC-PROP emerged the top gainer while UNITYBNK & CCNN emerged as top losers.
The downtrend was impacted by losses recorded in large and medium capitalized stocks, amongst which are; CCNN (-10.00%), UNILEVER (-7.59%), OANDO (-3.75%), DANGFLOUR (-2.44%), ETI (-2.00%), TRANSCORP (-1.72%), WEMABANK (-1.61%), ZENITHBANK (-0.49%) and MTNN (-0.37%). (GTI)