By Moses Uwagbale
The key performance indices of the Nigerian Stock Exchange (NSE) dropped further on Tuesday by 1.06 per cent amid profit-taking in some blue chips.
Consequently, the market capitalisation lost N133 billion to close at N12.349 trillion against N12.482 trillion recorded on Monday.
Also, the All-Share Index, which opened at 23,950.83 shed 254.93 points or 1.06 per cent to close at 23,695.90.
Accordingly, Month-to-Date (May 1 to date) gain decreased to 2.9 per cent, as Year-to-Date (Jan. 1 to date) losses increased to -11.7 per cent.
The down trend was impacted by losses recorded in large and medium capitalised stocks, amongst which are Dangote Cement, MTN Nigeria, BUA Cement, Caverton and Arbico.
Analysts at Afrinvest Limited said: “We maintain our expectation of a mixed performance in the near-term’’.
Market breadth closed negative, with 14 gainers compared with 15 laggards.
Caverton dominated the losers’ table in percentage terms, declining by 10 per cent to close at N2.43 per share.
Arbico followed with a loss of 9.73 per cent to close at N2.32, while Afromedia dipped 8.82 per cent to close at 31k per share.
Lasaco Assurance decreased by 7.41 per cent to close at 25k, while Wapic Insurance shed 6.67 per cent each to close at 28k per share.
On the other hand, Neimeth recorded the highest price gain to lead the gainers’ pack in percentage terms, gaining 10 per cent, to close at 66k per share.
NPF Microfinance Bank followed with 9.76 per cent to close at N1.35, while Eterna grew by 9.44 per cent to close at N2.55 per share.
McNichols appreciated by 8.70 per cent to close at 50k, while C&I Leasing appreciated by 6.25 per cent to close at N5.10 per share.
Transactions in the shares of FBN Holdings topped the activity chart, accounting for 27.85 million shares valued at N133.59 million.
UACN followed with 16.62 million shares worth N114.71 million, while Guaranty Trust Bank traded 14.97 million shares valued at N314.69 million.
Zenith Bank exchanged 9.17 million shares worth N138.34 million, while Mutual Benefits Assurance transacted 8.05 million shares worth N1.61 million.
In all, the total volume of shares traded declined by 24.85 per cent as investors bought and sold 115.75 million shares, worth N1.68 billion transacted in 4,005 deals.
This was in contrast with a total of 207.25 million shares valued at N1.78 billion exchanged in 4,460 deals on Monday.