The Nigerian Stock Exchange (NSE) extended its losing streak Tuesday following investors’ sell-off of Lafarge Africa and some banking stocks.
All-Share Index declined by 314.11 points or 0.74 per cent to 42,043.79 against 42,357.90 achieved on Monday.
The month-to-date loss also increased to -0.9 per cent, while the year-to-date gain moderated to 4.4 per cent.
The market capitalisation which opened at N22.157 trillion shed N164 billion or 0.74 per cent to close at N21.993 trillion.
Depreciation in large and medium capitalised stocks, amongst which are Nigerian Breweries (NB), Lafarge Africa, Ardova, BOC Gases and Zenith Bank led to the market loss.
Market breadth was negative with 50 losers in contrast with nine gainers. Linkage Assurance led the losers’ chart in percentage terms, dropping 10 per cent to close at 81k per share.
BOC Gases followed with a loss of 9.99 per cent to close at N13.61, while Ardova lost 9.97 per cent to close at N17.15 per share. Berger Paints shed 9.94 per cent to close at N7.25, while Northern Nigeria Flour Mills dipped 8.76 per cent to close at N8.75 per share.
Champion Breweries dominated the gainers’ chart in percentage terms, gaining 9.94 per cent to close at N3.76 per share.
Unilever followed with 5.19 per cent to close at N14.20, while eTranzact rose by 5.15 per cent to close at N2.45 per share. Veritas Kapital Assurance improved by 4.76 per cent to close at 22k, while Sovereign Trust Insurance appreciated by four per cent to close at 26k per share.
The volume of shares transacted declined by 5.3 per cent with a total of 556.02 million shares valued at N4.79 billion exchanged in 7,110 deals. This was in contrast with 586.81 million shares worth N6.02 billion traded in 7,611 deals on Monday.