The Nigerian stock market continued to experience bearish sentiments on Tuesday as profit-taking activities, particularly in Nestle Nigeria Plc and 44 other stocks, impacted the market’s performance.
The All-Share Index (ASI) recorded a decline of 535.98 points, representing a loss of 0.80 percent, closing at 66,760.20 points. Market capitalization also decreased by N294 billion, closing at N36.538 trillion.
This downward trend was primarily driven by price depreciations in large and medium capitalization stocks, including Nestle Nigeria, Dangote Sugar Refinery, NASCON Allied Industries, MTN Nigeria Communications (MTNN), and Nigerian Exchange Group.
READ ALSO: I want to be Asake’s full-time backup singer, says DJ Cuppy
Market breadth reflected negative sentiment, with 16 stocks gaining while 45 recorded losses. Chellaram and CWG emerged as the highest price gainers, each rising by 10 percent to close at N3.19 and N6.93, respectively. Vitafoam Nigeria followed with a gain of 9.78 percent, closing at N24.70 per share.
Oando also saw an increase of 9.47 percent, closing at N9.25, while Wema Bank advanced by 8.94 percent to close at N5.12 per share.
Conversely, eTranzact International and Regency Alliance Insurance led the losers’ chart, both declining by 10 percent to close at N8.10 and 36 kobo, respectively. NASCON Allied Industries and Dangote Sugar Refinery followed with a decline of 9.96 percent each, closing at N47.00 and N52.00 per share, respectively.