Sell pressure recorded by highly capitalised stocks forced the Nigerian Stock Exchange (NSE) market indices to close negative on Tuesday.
Consequently, the crucial market indicators dipped 0.53 per cent, amid profit taking by investors.
The All Share Index lost 140.06 points or 0.53 per cent to close at 26,244.39 against 26,384.45 on Monday.
Similarly, the market capitalisation lost N68 billion to close at N12.776 trillion in contrast with N12.844 trillion recorded on Monday.
The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; MTN Nigeria, Guaranty Trust Bank, Lafarge Africa, NAHCO and United Bank for Africa.
Speaking on market performance, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., expected the mixed performance to continue as investors continue to react to third quarter numbers.
“We expect the mixed performance to continue, as the market reacts to released numbers in expectation of more quarterly earnings reports ahead of month-end portfolio alignments,” Omordion said.
He explained that the exchange new low price level offer investors opportunities to position for short and medium-to-long-term.
Omordion urged investors to keep their gaze on fundamentally sound and dividend paying stocks for possible capital appreciation.
However, market breadth closed positive, with 13 gainers against 10 losers.
Chams led the losers’ chart in percentage terms, dropping by 4.35 per cent to close at 22k per share.
Guaranty Trust Bank lost 2.67 per cent to close at N25.50, while UBA dipped 1.71 per cent to close at N5.75 per share.
Conversely, Red Star Express recorded the highest price gain of 9.88 per cent, to close at N4.45 per share.
Cornerstone Insurance followed with a gain 9.76 per cent to close at 45k, while AIICO appreciated by 9.52 per cent to close at 69k per share.
GlaxoSmithKline rose by 8.62 per cent to close at N6.30, while Union Diagnostic appreciated by 4.17 per cent to close at 25k per share.
Also, total volume of transacted dropped by 45.67 per cent with a turnover of 264.97 million shares worth N2.74 billion, and traded in 2,920 deals.
This was against a total of 485.89 million shares valued at N1.08 billion exchanged in 3,861 deals on Monday.
FCMB Group dominated the activity chart with 51.56 million shares worth N82.49 million.
Zenith Bank came second with 43.06 million shares valued at N732.03 million, while Guaranty Trust Bank sold 42.28 million shares worth N1.08 billion.
Access Bank traded 37.24 million shares valued at N272.04 million, while Sterling Bank accounted for 34.77 million shares worth N67.99 million.