The Nigerian equities market closed on a negative note on Tuesday as Forte Oil Plc, Livestock Feeds Plc, Total Nigeria Plc, Neimeith International Pharmaceutical Plc and Nascon Allied Industries Plc emerged the top five losers at the close of trading on the floor of the Nigerian Stock Exchange.
The market extended Monday’s loss position, as the NSE All-Share Index shed 0.15 per cent, dragging the year-to-date return to -11.11 per cent.
The NSE market capitalisation dropped to N8.764tn from N8.777tn, while the NSE ASI closed at 25,461.34 basis points from 25,499 basis points.
A total of 120.931 million shares worth N1.186bn exchanged hands in 2,397 deals.
However, volume traded and value of transactions, advanced by 14.29 per cent and 42.82 per cent, accordingly. There were 11 gainers as against 17 decliners.
The share price of Forte Oil closed at N74.62 from N82.64, losing N8.05 (9.74 per cent), while Livestock Feeds shares also plunged by N0.04 (five per cent) to close at N0.76 from N0.80.
Total’s share price dropped by N13.45 (five per cent) to close at N255.58 from N269.03, while Neimeth shares closed at N0.78 from N0.82, losing N0.04 (4.88 per cent).
The share price of Nascon also dropped by N0.36 (4.77 per cent) to close at N7.19 from N7.55.
Champion Breweries Plc led the gainer’s chart in the day, appreciating by 8.41 per cent to close at N2.45. This was followed by Flour Mills Nigeria Plc, Africa Prudential Registrars Plc, Unity Bank Plc and Mobil Oil Nigeria Plc.
Commenting on the state of the market, analysts at Meristem Securities Limited, said, “We attribute Tuesday’s market performance to sell offs in the oil and gas space, driven by the persistent negative market sentiments. We expect the market to close negative for the week.”
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