Stock Market Sheds 1.82% to Continue Bearish Trend

The Nigerian stock market returned to the bearish zone on Tuesday as investors lost N440 billion following a broad-based decline that saw 19 stocks closing in the red, against 12 stocks that posted gains.

Despite activity rising slightly during the trading hours of Tuesday with investors trading 249,911,758 shares worth N2.502 billion in 3,283 deals, compared to 103,266,202 shares valued at N2.139 billion that exchanged hands in 3,206 transactions on Monday, the Exchange still closed in the red.

As expected the banking index lost 17 basis points on -2.14%, -1.23% and -0.50% decline in the value of Sterling Bank, Fidelity Bank and Zenith Bank, respectively.

The consumer goods index shed 58 basis points as Guinness depreciated by 9.95% and NB lost 0.38%. The industrial index dipped 393 basis points following a 8.33% and 1.83% decline in Dangote Cement and Cutix.

The oil and gas index, however, closed in the green with a 56 basis points increase.

The Nigerian Exchange Limited (NGX) depreciated by 1.82% to settle at  43,461.6 index points, down from 44,269.43 index points recorded on Monday. The market value of all listed equities also declined to N23.672 trillion, representing a N440 billion depreciation from N24.112 trillion achieved on Monday.

The Exchange year-to-date return moderated to 1.74%. See the details of the top gainers and losers below.