Bearish moments persist at the Nigerian Stock Exchange (NSE) as trading activity, on Tuesday, closed with marginal loss.
The equities market treaded on a cautious note as The All Share Index (ASI) closed at 25,597.96 basis points, a 0.03 per cent decline, pegging negative Year-to-Date (YTD) return at 4.63 per cent while capping market capitalisation closed at N13.354 trillion.
Consequently, market breadth was unimpressive as the bears outweighed the bulls with 13 counters in the gainers’ chart as against 15 decliners.
Ikeja Hotel, UAC-Property, Cornerstone Insurance, Japaul Oil and WAPCO made the best performing stock of the day while NPF Microfinance Bank, Union Diagnostic, Redstar Express, NAHCO and Oando are the top decliners.
The volume of trades dropped to 245 million units on the back of dwindled market activities from 257 million units traded in the previous session, amounting from 4.63 per cent decline just as the value of stocks traded followed suit to record 9.25 per cent decline at N3.01 billion as against N3.32 billion recorded at the close of the previous session.
FBN Holdings, Guaranty Trust Bank, Zenith Bank, Stanbic IBTC and Access Bank made up the top five performers in terms of volume of units traded while Guaranty Trust Bank, Stanbic IBTC, Zenith Bank, FBN Holdings and Access Bank made up the top five performers in terms of value traded.
Despite the bearish returns, analysts remained optimistic of a bullish trend, while expecting some market corrections especially in the banking sector to trim down the Index on the back of Register Closure.
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