Nigerian stock market ended on a negative note at the end of Tuesday trading session as the All Share Index dropped further by 0.39% to close at 24,174.45 from 24,269.58. Market capitalization similarly declined by 0.39% to settle at N12.610 trillion.
A turnover of 304.18 million shares, valued at N3.26 billion was traded by investors in 3,500 deals. FBNH was the most traded stock by volume at 82.2million units while NIGERIAN BREWERIES finished the most traded stock by value at N626.5million.
Market sentiment, as measured by market breadth, closed in favor of the bear with 13 tickers closing in red relative to 12 gainers. ETERNA and INTBREW were the top losers of the day with -10.00% and -9.21% declines; while VITAFOAM and AFRIPRUD recorded the largest gains with +7.88% and +4.24% appreciation in share value.
Performance across sectors was bearish except for the oil & Gas index which closed flat. The depreciation in the ASI was largely driven by the Industrial Index, losing 1.57%. The Insurance Index followed by 0.93%, while the Banking and Consumer Goods indexes trailed distantly by 0.07% and 0.06% respectively.
(READ MORE: Stocks close flat despite buying pressures from ECOBANK, GTBANK)
Price depreciation in DANGCEM (-3.17%) dragged the Industrial Index downwards. The loss in the Insurance index is attributed to PRESTIGE (-9.26%) and CORNERSTONE (-9.09%), while ZENITHBANK (-0.64%) and INTBREW (-9.21%) wane the Banking and Consumer Goods Index.
Top gainers
VITAFOAM up 7.88% to close N5.75, AFRIPRUD up 4.24% to close at N4.18, NB up 3.33% to close at N31, UCAP up 2.57% to lose at N2.79, MTNN up 0.85% to close at N119
Top losers
ETERNA down 10.00% to close at N1.8, INTBREW down 9.21% to close at N3.45, CAP down 8.23% to close at N18.95, CUTIX down 6.10% to close at N1.54, DANGCEM down 3.17% to close at N122
Outlook
Nigerian bourse continued with its downward trend, as Nigeria’s heavyweight DANGOTE recorded significant sell-offs in its share price. Nairametrics advises you to seek the advice on buying Nigerian stocks from a certified stockbroker.