There were more than two losing stocks for every gaining stock yesterday at the Nigerian Stock Exchange (NSE) as investors opened up their offers to lower prices to attract buyers.

Benchmark indices at the Exchange indicated average decline of 0.60 per cent, equivalent to net capital depreciation of N82 billion within the five-hour trading session yesterday. The decline depressed the negative average year-to-date return to -2.15 per cent.

The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange declined from its opening index of 37,647.93 points to close at 37,421.01 points. Aggregate market value of all quoted equities also dropped from its opening value of N13.638 trillion to close at N13.556 trillion.

With 27 losers to 12 gainers, all sectoral indices closed negative. The Industrial Goods Index and NSE Insurance Index declined by 2.7 per cent each. The NSE Banking Index and NSE Oil & Gas Index dropped by 1.1 per cent each while the Consumer Goods Index depreciated by 0.6 per cent.

“We opine that the current bearish sentiment in the market is driven by some institutional investors reducing their positions in bellwethers stocks. Nevertheless, we believe an upturn in performance in the near term, will be buoyed by bulk bargain hunting in some fundamentally sound stocks,” Afrinvest Securities stated.

Oil and gas stocks led the losers with Seplat Petroleum Development Company leading with a loss of N15 to close at N635. Total Nigeria followed with a loss of N10 to close at N200. Lafarge Africa declined by N2.25 to close at N35.75. Guaranty Trust Bank dropped by N1.40 to close at N40.10 while Nigerian Breweries lost N1.10 to close at N110 per share.

On the positive side, Forte Oil led the gainers with a gain of N2.70 to close at N29.85. Custodian Investment rose by 49 kobo to close at N5.70.Ecobank Transnational Incorporated appreciated by 20 kobo to close at N20.60. Unilever Nigeria chalked up 15 kobo to close at N51.70 while Cement Company of Northern Nigeria (CCNN), NEM Insurance and Access Bank added 10 kobo each to close at N23, N3.40 and N10.50 respectively.

Total turnover stood at 213.20 million shares valued at N3.76 billion in 4,043 deals. Zenith Bank was the most active stock with 39.93 million shares worth N965.09 million. FBN Holdings followed with 21.69 million shares valued at N227.22 million while Transnational Corporation of Nigeria placed third with 21.61 million shares valued at N26.97 million.

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