The equity market has sustained its bearish trend as investors lost N38.24bn on Tuesday.
The market capitalisation and the all-share index dropped by 0.1 per cent to close at N56.03tn and 99,051.02 basis points respectively.
Bearish activity dominated the day’s trade, with the exchange recording more decliners (22) than gainers (17).
Leading the gainer’s chart at the close of trading are Nigerian breweries with an appreciation of 10.00 per cent to close at N28.60, Presco plc with 9.99 per cent to close at N293.90 and Oando Plc which gained 9.65per cent to close at N14.20.
Among the notable decliners are Tantalizer Plc which shed 10.00 per cent to close at N 0.45, International Energy Insurance Plc lost 9.71 per cent to close at N1.58 and UPDC leverages dipped by 9.70 per cent to close at N1.21.
Trade metrics, which showed a 19.45 per cent and 38.92 per cent decline in volume and value traded to 349.59 million units and N5.24bn, respectively, reflected the negative state of the market.
With 36.04 per cent of all deals, GTCO was the most traded stock by value. On the local exchange, Veritas Kapital Assurance Plc had the highest trading volume with 57.95 million units or 16.58 per cent of all trades.
Yesterday, the local stock market commenced its first session of the week on a bearish note, evidenced by the 18bps decline in the benchmark All-Share Index to settle at 99,118.86 points. At the same time, the year-to-date return concluded at 32.56 per cent.
Furthermore, the market capitalization lost N0.1tn to close at N56.08tn. This negative performance was driven by sell pressures in the banks, particularly Access Holdings Plc, United Bank for Bank, Fidelity Bank and First Bank Holdings.
Despite the bearish tilt of the market, 23 advancers outperformed 19 decliners.
