The Nigerian equity market further extended its downturn by 0.39 per cent on Tuesday on the back of losses suffered by large and medium capitalized stocks such as Dangote Cement, GTBank, Nestle, MTNN and 17 others.
Sell-pressure caused the Market Capitalization to contrast by N51.79 billion, representing a dip of 0.39 per cent to close at N13.14 trillion.
Champion Breweries emerged top gainer, increasing 10 per cent, Okomu Oil.
This was followed by NEM Insurance, appreciating 8.78 per cent, while Unity Bank rose by 8.57 per cent.
ABC Transport were joint decliners, having shed -10 per cent, while International Breweries and CAP shed 9.97 per cent each.
Julius Berger declined 9.93 per cent on the other hand.
Investors traded 2.91 billion shares valued at N11.23 billion in 3,324 deals, compared to 2.86 billion shares worth N3.92 billion exchanged in 3,360 deals on Monday.
Wema Bank, for the second consecutive day, drove the activity chart, accounting for 2.39 billion shares valued at N1.48 billion.
It was trailed by Zenith Bank with 409.97 million shares worth N8.2 billion, while Access Bank traded 13.68 million shares valued at N87.59 million.
United Bank for Africa traded 9.75 million shares worth N59.52 million, while GTBank transacted 9.66 million shares valued at N297.44 million.
Analysts at Afrinvest Limited maintained bearish outlook for subsequent trading sessions but remained optimistic that investors would continue to position in undervalued stocks with good fundamentals.
Also, analysts at Cordros Capital Limited stated: “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term.
“However, stable macro-economic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”
