Nigerian equities remained on the downward trend on Tuesday as investors continued to open up market orders to attract demand.
Benchmark indices at the equities market indicated average decline of 0.21 per cent, equivalent to net capital depreciation of N27 billion.
The All Share Index (ASI)- the common value-based index that tracks share prices at the Nigerian Stock Exchange (NSE) dropped from its opening index of 26,866.41 points to close at 26,809.92 points.
Aggregate market value of all quoted equities declined from its opening value of N13.078 trillion to close at N13.051 trillion.
The continuing depreciation worsened the negative average year-to-date return to -14.70 per cent. In the past six trading sessions, quoted equities have lost an average of 2.97 per cent.
While there were more losers than gainers, gains recorded by sectoral leaders however buoyed sectoral indices, pushing most to positive closing. The NSE Oil and Gas Index rose by 1.04 per cent. The NSE Industrial Goods Index appreciated by 0.08 per cent. The NSE Insurance Index inched up by 0.06 per cent while the NSE Banking Index rose by 0.05 per cent. However, the NSE Consumer Goods Index declined by 0.09 per cent.
MTN Communications Nigeria led 14-stock losers’ list with a drop of N1.50 to close at N128.50. Guinness Nigeria followed with a loss of 40 kobo to close at N32.50. Dangote Sugar Refinery declined by 30 kobo to close at N10.20.
On the positive side, 11 led the 12-stock gainers with a gain of N7.90 to close at N147.90. NASCON Allied Industries followed with a gain of N1.35 to close at N14.85 while Forte Oil added 90 kobo to close at N15.70 per share.
Total turnover meanwhile rose by 22.56 per cent to 185.94 million shares valued at N2.54 billion in 3,083 deals. Zenith Bank was the most active stock with a turnover of 60.92 million shares valued at N1.1 billion. FCMB Group followed with 37.34 million shares worth N59.74 million while Guaranty Trust Bank placed third with 27.89 million shares valued at N744.38 million.
“We expect the bearish sentiment to persist as investors continue to take a risk-off approach towards the market,” Afrinvest Securities stated.