The All Share Index declined by 441.95 points, representing a decline of 0.66 per cent to close at 66,882.64 points. Accordingly, market capitalisation shed by N242 billion to close at N36.605 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications , Access Holdings, United Capital, Dangote Sugar Refinery and Oando. This week, United Capital Plc said “we expect mixed investors’ sentiments in the equities market. First, we expect the positive sentiments towards Tier-one banks to continue, given their strong performance in H1-2023. Similarly, investors may continue to take positions in fundamentally sound stocks. However, we note that some investors may book profits off stocks that have recorded impressive price appreciations.
As measured by market breadth, market sentiment was negative, as 36 stocks lost relative to 15 gainers. Ikeja Hotel recorded the highest price gain of 10 per cent to close at N2.75, per share. John Holt followed with a gain of 9.70 per cent to close at N1.81, while Cornerstone Insurance rose by 9.49 per cent to close at N1.50, per share.
Regency Alliance Insurance went up by 8.57 per cent to close at 38 kobo, while Tantalizers and Linkage Assurance appreciated by 6.67 per cent each to close at 32 kobo and 80 kobo, per share.
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