Transactions on the Nigerian Stock Exchange (NSE) on Tuesday remained bearish, as the All-Share Index (ASI) dropped by 0.40 per cent to close at 36,333.80 points, amidst sell pressure in value stocks.
Losses in five premium stocks of UBA, Zenith Bank, Access Bank, Lafarge and Seplat Petroleum and 17 others companies were mostly responsible for the negative performance.
However, market breadth was positive, recording 22 gainers against 21 losers with Seplat topping the laggards’ table with a loss of N60.00 per share to close at N650 per share. CAP trailed behind with a loss of N3.15 to close at N28.35, while Guaranty Trust Bank dropped by 85kobo to close at N39.15 per share.
On the other hand, Nigerian Breweries led the gainers’ table, appreciating by N2.10 per share to close at N103 per share. It was followed by Flour Mills with a gain of 90 kobo to close at N25.25 per share, while Air Service improved by 45 kobo to close at N4.95 per share.
The Month-to-Date and Year-to-Date losses in the market increased further to -1.85 per cent and -4.99 per cent, respectively.
Total volume of shares traded rose by 36.07 per cent to 248.05 million units, valued at N2.25 billion, and exchanged in 3,932 deals.
Analysts at Cordros Capital: “Our outlook for equities in the short to medium term remain conservative, amidst brewing political concerns, and the absence of a one-off positive trigger. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.”