The persistent downward movement on the Nigerian Stock Exchange (NSE) continued on Tuesday with market indices depreciating further by 0.47 per cent, due to sell pressure in 22 stocks.
Specifically, the All Share Index (ASI) shed 140.52 points or 0.47 per cent to close at 29,668.68, against 29,809.20 on Monday.
The News Agency of Nigeria (NAN) reports that the Year-to-Date losses increased to 5.61 per cent.
Also, the market capitalisation shed N62 billion to close at N13.074 trillion, against N13.136 trillion posted on Monday.
The market performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Seplat Petroleum Development Company (Seplat), Forte Oil, MTN Nigeria, Stanbic IBTC and Nigerian Breweries.
Analysts at APT Securities and Funds Limited said that, “We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.”
Similarly, analysts at Afrinvest Limited stated that, “In the absence of catalysts to propel investor sentiment, we maintain our bearish outlook on the equities market.”
Sovereign Trust Insurance recorded the highest price gain of 9.52 per cent, to close at 23k per share.
Cement Company of Northern Nigeria (CCNN) followed with a gain of 9.47 per cent, to close at N13.30, while Champion Breweries rose by 8.33 per cent to close at N1.69 per share.
Livestock Feeds rose by 5.66 per cent to close at 56k, while Jaiz Bank gained 4.44 per cent to close at 47k per share.
Conversely, Forte Oil led the losers’ chart by 9.38 per cent, to close at N29, per share.
NEM Insurance followed with a decline 8.73 per cent, to close at N2.30, while Prestige Assurance declined by 8.47 per cent to close at 54k per share.
Aiico Insurance dropped by 4.35 per cent to close at 66k, while United Bank for Africa (UBA) lost 3.91 per cent to close at N6.15, per share.
NAN reports that the total volume traded went down by 55.83 per cent to 253.39 million units valued at N4.12 billion in 3,836 deals.
This was in contrast with a turnover of 573.67 million shares worth N10.21 billion achieved in 4,076 deals on Monday.
Guaranty Trust Bank was the toast of investors, accounting for 50.44 million shares valued at N1.57 billion.
Zenith Bank followed with 22.2 million shares worth N443.83 million, while Custodian Investment traded 21.42 million shares valued at N119.89 million.
Access Bank traded 20.46 million shares valued at N135.87 million, while UBA transacted 17.45 million shares worth N110.46 million.