Nigerian equities market consolidated seven consecutive days downward movement on Tuesday with the crucial market indices dropping further by 0.22 per cent.
The News Agency of Nigeria (NAN) reports that the development was as a result of broad sell-offs pressure across major companies.
Specifically, the All Share Index (ASI) lost 61.68 points or 0.22 per cent to close at 28,422.76.
Also, investors lost N23 billion or 0.22 per cent with the market capitalisation closing lower at N10.678 trillion against N10.701 trillion recorded on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Seplat Petroleum Development Company (Seplat), Lafarge Africa, FBN Holdings and Dangote Sugar Refinery.
Analysts at Cordros Capital Limited said that “Our outlook for equities in the short to medium term remains conservative, amidst absence of a positive catalyst. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.”
Also, APT Securities and Funds Limited expected “further moderation of the ASI as foreign investors remain on the side-lines in the absence of major economic triggers; however, to be diluted by value investors positioning for long term.”
However, market breadth returned to positive position, with 20 gainers against 16 losers.
Neimeth International Pharmaceuticals recorded the highest price gain of 9.09 per cent, to close at 60k, per share.
Courteville Business Solutions followed with a gain of 8.33 per cent to close at 26k, while Thomas Wyatt Nigeria appreciated by 7.69 per cent to close at 27k per share.
AG Leventis & Company went up by 7.14 per cent to close at 28k, while Japaul Oil & Maritime Services appreciated by 5.45 per cent to close at 30k per share.
Conversely, UPL led the losers’ chart by 9.73 per cent, to close at N1.86 per share.
Royal Exchange and Chams followed with a decline of 8.33 per cent to close at 22k and 33k per share, respectively.
Goldink Insurance dropped by4.76 per cent to close at 20k, while Honeywell Flour Mills shed 4.35 per cent to close at N1.10, per share.
The total volume traded declined by 6.80 per cent as investors bought and sold 200.08 million shares, worth N2.69 billion traded in 3,600 deals.
This was in contrast with a turnover of 214.68 million shares valued at N2.78 billion exchanged in 3,856 deals on Monday.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 33.11 million shares valued at N1.03 billion.
Zenith International Bank came second with 27.02 million shares worth N537.77 million, while Access Bank traded 23.03 million shares valued at N155.97 million.
United Bank for Africa (UBA) accounted for 19.38 million shares worth N120.3 million, while FBN Holdings transacted 8.89 million shares valued at N64.65 million.