TRADING on the Nigerian Stock Exchange, on Tuesday, declined further into the red zone at the close trading session as market indicators lost 1.16 percent specifically, All Share Index (ASI) closed at 44,389.85 basis points relative to Monday’s close of 44,912.53 points.
Also, market capitalisation downsized to close at N15.90 trillion and market breadth favoured of the bears with 43 losers against 14 gainers, with the banking sector recording the greatest loss across the board with a daily change of -2.57 percent.
NSE ASEM maintained its previous close and the oil and gas sector index recorded the board’s only gain for the day.
On the activities chart for the day, Skye Bank Plc, FBN Holdings Plc, Wema Bank Plc, Diamond Bank Plc and Transnational Corporation Plc topped the equities market’s volume-based chart while Guaranty Trust Bank Plc, Zenith Bank Plc, FBN Holdings Plc, Stanbic IBTC and United Bank of Africa led the value-based rankings.
Trading levels shrunk with regards to both trade volume and trade value by -83.37 percent and -51.82 percent respectively. Monday’s close of 4.43 billion shares valued at N15.92 billion dropped to 737 million shares traded valued at N7.67 billion on Tuesday.
Analyst assured that there was no cause for alarm, noting that the market was only undergoing corrections as there are rooms for an upturn.
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