Negative sentiment is refusing to rescind at the Nigerian equity market as it shed 0.47 per cent on Tuesday, on the back of decline by medium and large capitalised stocks, among which were Seplat, Forte Oil, MTN Nigeria, Stanbic IBTC and Nigerian Breweries.
The All Share Index (ASI) lost 140.52 points, representing 0.47 per cent to close at 29,668.68, compared to 29,809.20 the previous day.
On the other hand, the market capitalization dropped by N62 billion, representing 0.47 per cent loss to close at N13.074 trillion.
Sovereign Trust Insurance added 9.52 per cent to close at 23k per share to emerge the highest gainer among 13 other advancers.
Cement Company of Northern Nigeria (CCNN) followed with a gain of 9.47 per cent, to close at N13.30, while Champion Breweries rose by 8.33 per cent to close at N1.69 per share.
Analysts at APT Securities and Funds Limited said that, “We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.”
Similarly, analysts at Afrinvest Limited stated that, “In the absence of catalysts to propel investor sentiment, we maintain our bearish outlook on the equities market.”
Livestock Feeds rose by 5.66 per cent to close at 56k, while Jaiz Bank gained 4.44 per cent to close at 47k per share.
Conversely, Forte Oil led the losers’ chart by 9.38 per cent, to close at N29, per share.
NEM Insurance followed with a decline 8.73 per cent, to close at N2.30, while Prestige Assurance declined by 8.47 per cent to close at 54k per share.
Aiico Insurance dropped by 4.35 per cent to close at 66k, while United Bank for Africa (UBA) lost 3.91 per cent to close at N6.15, per share.
Investors exchanged 253.39 million shares valued at N4.12 billion in 3,836 deals.
Guaranty Trust Bank was the toast of investors, accounting for 50.44 million shares valued at N1.57 billion.
Zenith Bank followed with 22.2 million shares worth N443.83 million, while Custodian Investment traded 21.42 million shares valued at N119.89 million.
Access Bank traded 20.46 million shares valued at N135.87 million, while UBA transacted 17.45 million shares worth N110.46 million.
The Nigerian equity market has so far lost 5.61 per cent this year.
