The streak of downtrend at the Nigerian stock market continued on Tuesday as investors sought to readjust their portfolios and lock in profit.
After losing N42 billion on Monday, quoted equities again lost N51 billion on Tuesday, extending the two-day loss to N93 billion.
With more than two decliners to every advancer, aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) declined from the opening value of N8.867 trillion to close at N8.816 trillion. The All Share Index (ASI)-the value-based common index that tracks share prices, also declined by 0.47 per cent from 25,626.37 points to close at 25,478.06 points. The average year-to-date return thus trended up to -5.20 per cent.
Sectoral indices further showed widespread negative sentiments across the sectors, leaving all the in sectoral indices in the red. The NSE Oil & Gas Index lost 2.6 per cent. The NSE Banking Index declined by 0.62 per cent. The NSE Consumer Goods Index slipped by 0.31 per cent. The NSE Insurance Index dipped by 0.2 per cent while the NSE Industrial Goods Index lost 0.1 per cent.
There were 26 losers against 12 gainers. Mobil Oil Nigeria led the losers with a loss of N34 to close at N326. Forte Oil followed with a loss of N1.09 to close at N44.91. Dangote Cement declined by 60 kobo to close at N164. Flour Mills of Nigeria lost 49 kobo to close at N17.50. Nigerian Breweries declined by 45 kobo to close at N122.
Nascon Allied Industries dipped by 42 kobo to close at N8.08. Stanbic IBTC Holdings lost 36 kobo to close at N18.25. Guaranty Trust Bank dropped by 35 kobo to close at N24.45 while PZ Cussons Nigeria and Oando lost 30 kobo each to close at N14 and N5.32 respectively.
Read also: NSE LIVE! Equities open negative with N42bn loss
Turnover rose above average with the exchange of 402.67 million shares valued at N1.92 billion in 3,459 deals. Low-priced banking stocks dominated the top activities chart. Fidelity Bank was the most active with 262.93 million shares valued at N262.25 million. FCMB Group followed with 27.35 million shares worth N31.28 million while FBN Holdings placed third with 22.31 million shares valued at N69.20 million.
On the positive side, Seplat Petroleum Development Company led the gainers with a gain of N3 to close at N398. International Breweries followed with a gain of 82 kobo to close at N17.50. CAP rose by 36 kobo to close at N33. UAC of Nigeria added 16 kobo to close at N14.96 while Ecobank Transnational Incorporated gathered 9.0 kobo to close at N8.30.
“The equities market remains dominated by short term investors in the absence of fundamental drivers that may boost long-term interest. With the Easter holiday fast approaching, market activities may likely soften. Yet, we do not rule out the likelihood of a rebound in subsequent sessions,” analysts at Afrinvest Securities stated in a preview.
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