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Stock market declines further as 28 firms lose

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The nation’s stock market declined further on Tuesday as bearish sentiments persisted, making investors lose N4.8bn.

The market capitalisation of equities listed on the Nigerian Stock Exchange dropped from N10.954tn on Monday to N10.948tn on Tuesday while the year-to-date loss stood at -7.3 per cent.

Activity level declined as volume and value traded fell by 17.7 per cent and 41.8 per cent to 374.026 million units and N3.057bn, respectively. Performance across sectors was bearish as all indices closed on a negative note. The insurance index led losers, down by 1.8 per cent largely on the back of losses in NEM Insurance Plc.

The consumer goods index fell by 0.2 per cent due to sell-offs in Nascon Allied Industries Plc and Dangote Sugar Refinery.Investor sentiment improved to 0.8x from the 0.4x recorded on Monday as 12 stocks advanced against 15 decliners.

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