The Nigerian equities market on Tuesday extended bearish stance, dropping further by 0.59 per cent with a loss of 0.59 per cent.
Specifically, the market capitalisation lost N90 billion or 0.59 per cent to close at N15.132 trillion compared with N15.222 trillion achieved on Monday.
In the same vein, the All-Share Index (ASI), which opened at 29,552.99, lost 174.36 points or 0.59 per cent to 29,378.63.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Total, Flour Mills, Guaranty Trust Bank, Stanbic IBTC Holdings and GlaxoSmithKline Consumer.
Commenting on the market performance, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the mixed performance to profit taking.
“We expect the mixed performance to continue in the midst of profit-taking and positioning by investors taking advantage of the pullbacks,” Omordion said.
He said that some players were still interpreting and analysing the impact of the recent Cash Reserve Ratio adjustment, ahead of the full-year earnings reporting season.
According to him, this is also against the backdrop that capital wave in the financial market may change in the midst of the unstable economic outlook for 2020.
Market breadth closed negative, with nine gainers versus 23 losers.
An analysis of the price movement chart shows that Associated Bus Company led the losers’ chart in percentage terms, dropping by 9.76 per cent to close at 37k per share.
GlaxoSmithKline followed with a decline of 9.17 per cent to close at N5.45, while Eterna shed 8.77 per cent to close at N2.60 per share.
Total Nigeria dipped 8.55 per cent to close at N107, while Honeywell Flour Mills decreased by 6.78 per cent to close at N1.10 per share.
Conversely, Julius Berger recorded the highest price in percentage to lead the gainers’ table, gaining 9.93 per cent to close at N22.15 per share.
NAHCO came second with a gain of 9.67 per cent to close at N2.95, while Linkage Assurance appreciated by 9.62 per cent to close at 57k per share.
NEM Insurance rose by 9.09 per cent to close at N2.40, while Vitafoam Nigeria appreciated by 3.77 per cent to close at N5.50 per share.
Similarly, the total volume of shares traded declined by 43.49 per cent as investors bought and sold 250.93 million shares worth N4.83 billion exchanged in 4,561 deals.
This was in contrast with a turnover of 444.04 million shares valued at N3.35 billion exchanged in 4,306 deals on Monday.
Transactions in the shares of Stanbic IBTC Holdings topped the activity chart having accounted for 43.04 million shares valued at N1.79 billion.
Zenith Bank trailed with 34.29 million shares worth N724.08 million, while United Bank for Africa traded 18.57 million shares valued at N151.43 million.
Fidelity Bank sold 17.63 million shares worth N37.83 million, while Guaranty Trust Bank transacted 15.12 million shares valued at N467.87 million.