The Nigeria Exchange sustained losses for the second consecutive days on Tuesday on the back of selloffs in BUA CEMENT, FBNH and Zenith Bank.
The benchmark index dipped by 0.72% to close at 39,022.52 points as the market capitalisation declined by ₦148.0billion to ₦20.3trillion, while the market loss worsened to -3.1%.
Trading activity waned as volume and value traded declined 42.8% and 48.4% respectively to 204.6million units and ₦1.8billion.
COURTVILLE (27.1m units), FIDELITY (23.4m units), and, ZENITH (18.5m units) were the most traded stocks by volume, while ZENITH (₦435.5m), BUACEMENT (₦223.2m), and SEPLAT (₦175.8m) led by value.
ABCTRANS (+10.0%), ETERNA (+9.9%), and TRANSCOHOT (+9.8%) led 15 gainer-chart, while of the 22 losers, PORTPAINT (-9.9%), CHAMPION (-9.7%), and SCOA (-9.3%) came top.
Analysts at Afrinvest have projected the performance at the local bourse to remain bearish in the coming trading session due to the absence of a positive catalyst.
The Industrial Goods index led the laggards, down 2.6% due to sell-pressure on BUACEMENT (-5.7%) and PORTPAINT (-9.9%).
In the same vein, the Insurance and Consumer Goods indices fell by 1.1% and 5bps respectively on the back of price depreciation in CORNERST (-7.3%), LINKASSURE (-5.8%), and CHAMPION (-9.7%).
Meanwhile, the Oil & Gas and Banking indices rose by 0.3% and 3bps as a result of buying interest in ETERNA (+9.9%), OANDO (+0.7%), WEMABANK (+5.5%), and STANBIC (+1.6%).
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