Nigerian equities sank for the second day on the trot on Tuesday, with the benchmark index closing weaker by 0.08 per cent and the size of trade three per cent less, casting doubt on the chances of buoyancy returning to the market any moment soon.
Financial services stocks have been known to be the foremost driver of volume of the 155-stock strong bourse, but investors have been keeping them at arm’s length especially since Monday, with GTCO, Zenith as well as Access – all parts of Nigeria’s biggest banks commonly known by their initials FUGAZ – heading Tuesday’s retreat.
However, the bright side of trade could be found in the market breadth which, closing positive on account of 15 gainers being recorded against 13 losers, means investor sentiment towards trade is broadly improving. “Following an improvement in sentiment, we expect a positive performance in the next trading session as investors take a position in attractive stocks,” broker Afrinvest said in a note.