The Nigerian Stock Exchange (NSE) market indicators on Tuesday recorded further depreciation, dropping by 0.14 percent.
Specifically, the All-Share Index which opened at 21,330.79 lost 30.32 points or 0.14 percent to close at 21,300.47.
Similarly, the market capitalisation dipped N16 billion or 0.14 percent to close at N11.100 trillion compared with N11.116 trillion posted on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, UACN, Guaranty Trust Bank, Lafarge Africa and Access Bank.
Analysts at Afrinvest Limited said, “We expect the bearish sentiment to continue, however, there exists bargain hunting opportunities in the equities market.”
Also, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that market outlook would remain unstable during the lockdown period and beyond due to high volatility in developed and developing markets.
Omordion noted that bouquet of stimulus packages had failed to uplift the market.
“This is because there is no clear road map for implementing these fiscal and monetary measures to ensure that they are devoid of the usual bottlenecks”, he said.
Market breadth closed negative with nine gainers in contrast with 11 losers.
Jaiz Bank led the losers’ chart in percentage terms, with a loss of 9.43 percent, to close at 48k per share.
Ikeja Hotel came second with 9.09 per cent to close at 90k, while Courteville dipped 4.76 percent to close at 20k per share.
Sterling Bank trailed with 4.17 to close at N1.15, while Transcorp shed 2.94 percent to close at 66k per share.
On the other hand, GlaxoSmithKline recorded the highest to lead the gainers’ pack in percentage terms, gaining 10 percent, to close at N4.40 per share.
May and Baker followed with a 9.74 percent gain to close at N2.14, while NEM Insurance rose by 9.52 percent to close N2.07 per share.
Wema Bank rose by 6.38 percent to close at 50k, while Unilever increased by 4.76 percent to close at N11 per share.
Transactions in the shares of Sterling Bank topped the activity chart with 303.46 million shares valued at N348.75 million.
Zenith Bank followed with 29.65 million shares worth N350.397 million, while Guaranty Trust Bank traded 16.87 million shares valued at N301.16 million.
United Bank for Africa accounted for 14.49 million shares worth N72.58 million, while FCMB Group transacted 9.65 million shares valued at N14.41 million.
In all, investors staked N1.72 billion on 422.01 million shares exchanged in 3,448 deals.
This was against 466.91 million shares worth N1.93 billion achieved in 3,659 deals on Monday.