Sell pressure continued on the Nigerian Stock Exchange (NSE) on Tuesday with the indices dropping further by 0.71 per cent, just as February inflation rate hit 12.20 per cent.
Specifically, the All-Share Index (ASI) lost 162.12 points or 0.71 per cent to close at 22,543.07 compared with 22,705.19 on Monday.
Similarly, the market capitalisation dipped N85 billion to close at N11.747 trillion against N11.832 trillion on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Dangote Cement, CAP, Ardova Plc, NASCON and International Breweries.
Analysts at Afrinvest Limited said: “We expect the bearish sentiment to persist for the rest of the week. However, we note that there are opportunities for bargain hunting.”
Dangote Cement and NASCON led the losers’ chart in percentage terms, dropping by 10 per cent each, to close at N137.70 and N8.55 per share, respectively.
Ardova followed with a decline of 9.80 per cent to close at N13.80, while CAP lost 9.77 per cent to close at N18 per share.
International Breweries was down by 9.57 to close at N5.20, while Lasaco Assurance, Niger Insurance and Courteville Business Solutions shed 9.09 per cent each, to close at 20k per share each.
Conversely, Access Bank, Lafarge Africa and United Capital led the gainers’ table in percentage terms, gaining 10 per cent each, to close at N6.05, N11 and N2.42 per share, respectively.
FCMB Group garnered 9.66 per cent to close at N1.59, while Cadbury and Caverton rose by 9.62 per cent each, to close N5.70 and N2.28 per share, respectively.
Transcorp increased by 9.52 per cent to close at 69k, while NPF Microfinance Bank rose by 9.41 per cent to close at 93k per share.
However, the total volume of shares traded rose by 22.56 per cent as investors bought and sold 675.91 million shares valued N8.06 billion in 7,368 deals.
This was in contrast with a total of 551.48 million shares worth N5.76 billion shares achieved in 6,981 deals on Monday.
Transactions in the shares of Zenith Bank topped the activity chart with 173.94 million shares worth N2.32 billion.
Guaranty Trust Bank came second with 131.06 million shares valued N2.57 billion, while FBN Holdings traded 119.27 million shares worth N478.91 million.
Access Bank sold 92.03 million shares valued N539.13 million, while United Bank for Africa transacted 31.47 million shares worth N168.89 million.