The nation’s bourse on Thursday sustained its bearish run, recording a 0.35 percent loss due to sell pressure.
The All-Share Index decreased by 98.13 points, representing a loss of 0.35 percent to close at 27,990.61 points.
Similarly, the market capitalisation which opened at N13.689 trillion lost N48 billion to close at N13.641 trillion.
The downtrend was caused by losses recorded in large and medium capitalised stocks, amongst which are: MTN Nigeria, Dangote Cement, Forte Oil, Global Spectrum Energy Service and Caverton Offshore Support Group.
Analysts at Afrinvest Limited stated that, “We expect the bearish performance to persist, although there are opportunities for investors to take advantage of undervalued stocks.”
Wapic Insurance led the losers’ chart by 10 percent to close at 36k per share.
Global Spectrum Energy Service followed with a decline of 9.57 percent to close at N5.20, while Morison Industries depreciated by 9.09 percent to close at 50k per share.
Caverton Offshore Support Group lost 8.95 percent to close at N2.34, while Oando dipped five percent to close at N3.80 per share.
On a brighter note, the FCMB Group recorded the highest price gain of 8.81 percent to close at N1.73 per share.
Frontpage February 24, 2020