Profit-taking on some bellwether stocks like Dangote Cement, Access Bank, WAPCO and 16 others caused the Nigerian equity market to halt its seventh consecutive trading day trend, declining 0.10 per cent.
The All-Share Index (ASI) dropped by 25.85 absolute points, representing a 0.10 per cent dip to close at 25,304.25 points as the Market Capitalization shed N13.48 billion, contracting 0.10 per cent to close at N13.20 trillion with the year-to-day loss worsening to -5.7 per cent.
Investors showed delight in May Baker, which gained 9.9 per cent to emerge as the top gainer out of the 19 advancers, while CHIPLC shed 8.1 per cent to top 10 other laggards.
The total volumes and values of equities investors traded were higher by 39.04 per cent and 35.15 per cent respectively, to a total of 251.30 million shares valued at N1.58 billion in 2,954 deals.
UACN (111.9m units), UBA (25.0m units) and FBNH (20.9m units) got investors’ attention the most in terms of volume, while UACN (₦643.2m), UBA (₦159.5m) and Zenith Bank (₦125.7m) led by value.
The Industrial Goods and Banking sectors were largely responsible for the dip in the market, having shed 0.37 per cent and 0.33 per cent respectively due to profit-taking in Dangote Cement (-0.6 per cent), WAPCO (-1.3 per cent), Access Bank (-2.3 per cent) and Zenith Bank (-0.6 per cent).
On the other hand, the Insurance sector was up 0.64 per cent on the back of 6.4 per cent gain recorded by Mansard, while Consumer Goods sector rose 0.52 per cent, driven by price upticks in Nigerian Breweries (+2.8 per cent) and Guinness Nigeria (+0.7 per cent).
The Oil & Gas and AFR-ICT sectors, however, closed flat.