Equities reversed previous gains to close on a downturn yesterday, occasioned by losses from many blue-chip stocks, especially NEM insurance and Custodian and Allied Insurance, causing market capitalisation to decline by N2 billion.
The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are, Custodian and Allied Insurance, NEM, UACN, Stanbic IBTC, Unilever, Honeywell flourmills Investors traded 321.753 million shares valued at N3.655 billion in 4565 deals as against 266.328 million shares worth N3.822 billion that exchanged hands the previous day.
On the other hand, Transnational Corporation of Nigeria led the gainers’ chart, adding 9.71 per cent to close at N1.13 kobo while Chi Plc followed with a gain of 7.94 per cent to close at 68 kobo.