There were more than two gainers to every loser as the stock market reopened yesterday but losses by some large-cap stocks led the market to net loss of N500 billion.
With 38 gainers to 18 losers, the negative overall market position was due to losses by highly capitalised stocks such as Airtel Africa and Stanbic IBTC Holdings. On the positive side, Cornerstone Insurance and Guinea Insurance emerged the highest price gainer of 10 per cent each to close at N1.98 and 33 kobo respectively. NASCON Allied Industries and Oando followed with a gain of 9.94 per cent each to close at N47 and N9.95 respectively while Wema Bank advanced by 9.42 per cent to close at N7.55 per share.
Analysts at United Capital stated that they expected the bearish sentiments amongst investors to persist given the recent developments in the fixed-income market.