Equities trading at the Nigerian Stock Market sustained a negative outlook on Tuesday, August 2, as investors recorded a loss of N3.8 billion owing to the massive drop in market value.
Market capitalisation closed at N9.558 trillion compared to a loss of N57.3 billion recorded on Monday to close at N9.562 trillion
Aggregate market value of all quoted equities at the Nigerian Stock Exchange (NSE) dropped from N9.563 trillion to close at N9.559 trillion.
Total turnover stood at 275.74 million shares valued at N3.15 billion in 4,126 deals. The three most active stocks were Zenith Bank with 46.79 million shares valued at N788.23 million; Transnational Corporation of Nigeria recorded 37.29 million shares worth N43.05 million while Fidelity Bank placed third with 26.18 million shares valued at N28.65 million.
After losing N57 billion on Monday, August 1, equities narrowed losses to N4 billion on Tuesday as highly capitalised stocks rallied on the back of bargain-hunting.
The losing streak from Monday was curbed significantly as investors weighed half-year earnings against the prospective performance and return in the second half.
However, with 26 decliners to 17 advancers, the average year-to-date return at the stock market worsened to -2.83 per cent. Sectoral indices showed widespread losses across the sectors.
Nestle Nigeria led the losers with a loss of N21.30 to close at N816.20, while Dangote Cement led the gainers with a gain of N3 to close at N183.
The NSE Oil & Gas Index declined by 1.9 per cent. The Insurance Index lost 1.3 per cent. The NSE Industrial Goods Index dropped by 1.0 per cent. The NSE Consumer Goods Index declined by 0.9 per cent while the NSE Banking Index slipped by 0.1 per cent.
At the end of the day’s trading investors had exchanged a total of 275.7 million shares valued at N3.15 billion in 4,126 deals compared to 331.7 million shares valued at N4.750 billion exchanged in 4114 deals on Monday.
