The equities market closed yesterday on a negative note, as the Nigerian Stock Exchange (NSE) All Share Index (ASI) and market capitalisation depreciated by 0.70 per cent each. At the close of business, there were 10 gainers and 22 losers, which drove the ASI down to 25,986.81 basis points.

The downswing according to market watchers, was due to sell off and profit takings by market speculators, as the companies quoted on the floor of Nigerian Stock Exchange (NSE) continue to struggle with harsh operating environment.

Consequently, the All-Share Index dropped by 184.07 basis points or 0.70 per cent from 26,170.88 index points last Friday to close at 25,986.81, while the market capitalisation of equities depreciated by N64 billion or 0.70 per cent to close at N8.945 trillion from N9.009 trillion.

Further analysis of the day’s trading showed that May and Baker Plc topped the day’s gainers’ table with 4.71 per cent to close at 89 kobo per share, while Wapic Insurance Plc followed with four per cent to close at 52 kobo per share.

Livestock Feeds Plc added 2.50 per cent to close at 82 kobo per share. On the flip side, Forte Oil Plc led the losers’ chart with a drop of 9.74 per cent to close at N94.32 per share.

Honeywell Plc shed five per cent to close at N1.14 per share. While Cadbury Nigerian Plc trailed behind with 4.95 per cent to close at N10.57 per share. On the activity chart, banking subsector of the financial services sector dominated in volume terms with 65.2 million shares exchanged in 821 deals.

The sub sector was enhanced by the activities in the shares of UBA Plc and Wema Bank Plc. Premium subsector boosted by the activities on the shares of FBNH Plc and Zenith Bank Plc trailed with 14.2 million units traded in 379 deals.

In all, investors exchanged a total of 160.9 million shares exchanged in 2,431 deals.