Renewed profit-taking caused the Nigerian equity market to drop on Tuesday after the Independence Day holiday.
The bourse shed 0.17 per cent to reverse Friday’s gain as the All Share Index (ASI) was down by 54.72 absolute points, representing a decrease of 0.17 per cent to close 32,711.65 points on Tuesday.
The Market Capitalization declined by N19.98 billion, dipping 0.17 per cent to closed at N11.94 trillion.
The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; UAC Proprieties (-9.74 per cent), CCNN (-8.30 per cent), Guinness (-2.44 per cent), etc.
Forte Oil appreciated 6.73 per cent to top 14 other gainers, while AG Leventis dipped -9.76 per cent to lead 16 losers. Other top losers were First Aluminum and UAC Properties which shed -9.76 per cent and -9.74 per cent respectively.
FCMB emerged as the most active in terms of volume, trading 33,143,046.00 shares valued N58.62 million, while GTBank was the most active with regards to valued exchanging 29,874,855.00 stocks worth N1.09 billion.
Political uncertainty ahead of the 2019 general elections has propelled foreign portfolio investors to take flight to safety from the Nigerian stock market.