Activities on the Nigerian Stock Exchange, NSE, closed lower for the second day following losses sustained by 25 listed companies.
The losses led mostly by banking stocks resulted in loss of N23 billion in the equities market capitalisation, which represents 0.16 percent decline to N14.712 trillion from N14.735 trillion.
The All Share Index, ASI, also dropped further by 0.12 percent to settle at 40,615.42 points as sustained sell pressures in banking stocks, comprising of eight banks, outweighed renewed interests in other value stocks.
Specifically, Veritas Kapital led the 25 losers that emerged during the day, dropping by 9.52 percent to close at N0.38 from N0.42. Diamond Bank Plc trailed behind with 9.39 percent decline to close at N1.64 from N1.81 per share.
Skye Bank Plc fell by 5.56 percent to close at N0.85 from N0.90; Japaul Oil and Maritime Services Plc ranked fourth, depreciating by 5.41 percent to close at N0.35 from N0.37, while Cutix Plc was down 4.76 percent to N3.00 from N3.15 per share.
On the other hand, Sovereign Trust Insurance Plc led the gainers’ chart, rising by five percent to close at N0.21 from N0.20, followed by Continental Reinsurance Plc with 4.23 percent increase to close at N1.48 from N1.42.
NPF Microfinance Bank Plc rose by 3.93 percent to close at N1.85 from N1.78; Wapic Insurance Plc recorded 3.92 percent increase to close at N0.53 from N0.51, while Mutual Benefit Assurance Plc closed higher at 3.45 percent from N0.29 to N0.30 per share.
Further analysis showed that the banking sector, which declined by 1.35 percent, remained negative and was the sole loser among other sectors, following profit taking in the shares of Zenith Bank Plc (-4.00%) and GTBank Plc (-0.68%).
Meanwhile, demands for Nestle Nigeria Plc , which rose by 2.81 percent, Sovereign Trust Insurance (+5.00%), and Chemical and Allied Products, CAP Plc (+2.83%) caused gains to resurface in the consumer goods, insurance, and industrial goods sectors, as they appreciated by 1.42 percent, 0.95 percent and 0.08 percent respectively. The oil & gas sector closed flat.