Trading on the Nigerian Stock Exchange (NSE) closed negative on Tuesday to reverse previous day gain.
Sentiments in the domestic bourse turned negative, as sell-offs of top cement players, BUA Cement, Dangote Cement ANGCEM and WAPCO, triggered the market’s loss as they decline by ten per cent, 0.8 per cent and 7.4 per cent respectively.
Precisely, the All-Share Index declined by 1.5 per cent to 24,479.22 points, the biggest decline since falling by 1.5 per cent on April 6th. Accordingly, the Month-to-Date and Year-to-Date losses increased to -1.6 per cent and -7.4 per cent, respectively.
The total volume of trades increased by 76.8 per cent to 280.67 million units, valued at N3.14 billion and exchanged in 4,464 deals. FBNH was the most traded stock by volume at 68.21 million units while Nigerian Breweries was the most traded stock by value at N805.42 million.
The sectoral performance was broadly negative as the Industrial Goods (-7.5%), Banking (-1.3%), Oil & Gas (-0.4%) and Insurance (-0.04%) indices all closed in the red; the Consumer Goods (+0.2%) index was the sole gainer.
Market sentiment, as measured by market breadth, was negative, as 34 tickers declined, relative to 10 gainers. BUA Cement and Cadbury were the top losers of the day having depreciated by ten per cent, while Neimeth and Okomu Oilpalm (+9.9%) recorded the largest gains with ten per cent and 9.9 per cent appreciation respectively.
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