The downtrend at the Nigerian stock market worsened considerably on Tuesday as increased sell orders overwhelmed the low demand at the market, leaving more than five losers for every gainer.
All main indices and sectoral indices at the Nigerian Stock Exchange (NSE) closed in the red.
Aggregate market value of all quoted equities on the NSE dropped by N42 billion from N9.409 trillion to close at N9.367 trillion, representing a loss of N42 billion.
The All Share Index (ASI), the main index that tracks prices at the stock market, declined by 0.45 per cent from 27,394.98 points to close at 27,272.14 points.
The average year-to-date return worsened to -4.78 per cent, indicating higher losses for the investors on the back of rising inflation and interest rate.
With 31 losers to six gainers, the sell-off on Tuesday cut across all the major sectors at the Exchange. The NSE Oil and Gas Index declined by 1.1 per cent.
The NSE Banking Index dropped by 0.6 per cent. The NSE Industrial Goods Index declined by 0.3 per cent while the NSE Insurance Index and the NSE Consumer Goods Index dipped by 0.2 per cent each.
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Mobil Oil Nigeria led the losers with a loss of N8.93 to close at N169.67. Seplat Petroleum Development Company followed with a loss of N8 to close at N242. MRS Oil dropped by N2.03 to close at N38.57. Dangote Cement declined by N1 to close at N179.
International Breweries lost 95 kobo to close at N18.05 while GlaxoSmithKline Consumer Nigeria dropped by 50 kobo to close at N18 per share.
Total turnover rose above average to 416.78 million shares valued at N2.16 billion in 3,443 deals. Financial services stocks continued to dominate the activities chart.
The three most active stocks were WAPIC Insurance, with 153.85 million shares; FBN Holdings, 69.07 million shares and United Bank for Africa (UBA), which recorded 38.52 million shares.
On the positive side, Total Nigeria led the handful of gainers with a gain of N6.05 to close at N236. Nigerian Breweries followed by a gain of 30 kobo to close at N130.30. Guaranty Trust Bank added 5.0 kobo to close at N24.
WAPIC Insurance rose slightly by 2.0 kobo to close at 52 kobo while Skye Bank and FBN Holdings inched up by one kobo each to close at 69 kobo and N3.30 per share.
Market analysts were optimistic that the sustained price depreciation in recent trading sessions might trigger considerable bargain-hunting that will halt the decline. Analysts however remained cautious about the outlook for sustained recovery.
“Despite poor sentiment, performance is likely to improve in the interim as sustained sell pressure may prompt bargain hunting towards the end of the week,” Afrinvest Securities stated.
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