The crucial market indices of the Nigerian Stock Exchange dropped further on Tuesday with a decline of 0.17 per cent.
The News Agency of Nigeria reports that the market capitalisation shed N22 billion or 0.17 per cent to close at N13.005 trillion against N13.027 trillion on Monday.
Similarly, the All Share Index which opened at 26,990.59 lost 46.27 points or 0.17 per cent to close at 26,944.32.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, Stanbic IBTC Holdings, MTN Nigeria, Chemical and Allied Product and Lafarge Africa.
Analysts at Afrinvest Limited said that “We maintain a bearish outlook on the market in the near term as investors book profit following gains in the prior weeks”.
Consequently, market breadth closed negative with 13 gainers compared with 19 losers.
Ikeja Hotel led the losers’ chart in percentage terms, dropping by 9.73 per cent to close at N1.02 per share.
Champion Breweries came second with a decline of 8.82 per cent to close at 93k, while Law Union & Rock Insurance dipped 8.45 per cent to close at 65k per share.
Chams lost 7.89 per cent to close at 35k, while Guinness declined by 6.45 per cent to close at N29 per share.
Conversely, Okomu Oil recorded the highest price to lead the gainers’ table in percentage terms, gaining 9.87 per cent to close at N54.55 per share.
eTranzact followed with a gain 9.66 per cent to close at N2.61, while Royal Exchange and Wapic Insurance appreciated by 8.33 per cent each, to close at 26k and 39k per share, respectively.
Jaiz Bank improved by 4.55 per cent to close at 69k, while Unilever appreciated by 4.24 per cent to close at N18.45 per share.
The total volume traded declined by 23.33 per cent as investors bought and sold 189.01 million shares worth N2.88 billion exchanged in 3,314 deals.
This was in contrast with 246.51 million shares valued at N2.44 billion achieved in 3,093 deals on Monday.
Access Bank dominated the activity chart with an exchange of 35.41 million shares worth N324.55 million.
Guaranty Trust Bank followed with 34.61 million shares worth N1.05 billion, while Zenith Bank accounted for 18.37 million shares valued at N342.41 million.
United Bank for Africa sold 15.91 million shares worth N111.79 million, while Fidelity Bank transacted 7.80 million shares valued at N15.69 million.