The market capitalisation of the Nigerian Stock Exchange dropped by N164bn at the close of trading on Tuesday as 27 stocks closed in the red.
The NSE market capitalisation dropped from N9.471bn recorded on Monday to N9.307bn, while the All-Share Index slid to 27,098.52 basis points from 27,574.95 basis points.
A total of 113.498 shares valued at N1.233bn were traded in 2,435 deals.
Ashaka Cement Plc, AG Leventis Nigeria Plc, Vitafoam Nigeria Plc, Cement Company of Northern Nigeria Plc and Dangote Cement Plc emerged as the top five losers, while 11 stocks appreciated in value, according to te NSE data.
The share price of Ashaka Cement closed at N12.26 from N13.57, losing N1.31 (9.65 per cent), while a drop of N0.04 (4.94 per cent) was recorded on AG Leventis shares, which closed at N0.77 from N0.81.
Vitafoam shares also plummeted by N0.13 (4.92 per cent) to close at N2.51 from N2.64, while the share price of CCNN dropped by N0.27 (4.91 per cent) to close at N5.23 from N5.50.
Dangote Cement share price also recorded a loss of N8.83 (4.83 per cent) to close at N174.17 from N183.
The bears took charge of market activities, resulting in a decline of 1.73 per cent in the NSE ASI, with the year-to-date sliding further down to 5.39 per cent negative.
Volume traded and market turnover appreciated by 12.17 per cent and 16.25 per cent respectively. Presco Plc, Wema Bank Plc, Unity Bank Plc, Caverton Offshore Support Group Plc and Skye Bank Plc topped the gainers’ chart, appreciating by 5.09 per cent, 4.92 per cent, 4.84 per cent, 4.44 per cent, and 3.28 per cent accordingly.
The NSE indices showed that all sectors closed in the red zone at the end of Tuesday trading, save for the oil and gas sector that appreciated by 0.53 per cent. The industrial and banking sectors dropped by 2.15 per cent and 0.71 per cent, respectively.
Commenting on the market outcome, analysts at Meristem Securities Limited said, “We attribute the magnitude of the loss in the market today to the 4.83 per cent price decline in Dangote Cement, as the bourse, aside Dangote Cement, would have only lost 0.2 per cent at the close of trading session.
“While performance scorecards in this earnings season have been generally weak, we note that sentiments have not been swayed by positive results released by some companies. Hence, we anticipate that market returns will remain pressured over the short-term.”
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