The local bourse on Tuesday sustained its bearish performance with the All Share Index (ASI) declining by 1.38 percent to close at 100,582.9 points.
This was attributed to selloffs in FBNH (-10.00%), MTNN (-9.94%) and UBA (-5.46%) and thereby driving the market into red territory.
Consequently, the year to date (YTD) return declined to 34.5% against the previous 36.4 percent, while market capitalisation dipped ₦773.0bn to ₦55.0tn.
Activity slowed down as volume and value traded fell 4.7 percent and 9.0 percent to 280.5m units and ₦6.1bn, respectively.
Performance across the coverage sectors, according to Analysts at Afrinvest, was negative as five indices lost, while the Oil & Gas and index closed flat.
The AFR-ICT and Banking indices declined 3.7% and 3.4% respectively, on the back of losses in MTNN (-10.0%),CHAMS (-4.0%), FBNH (-10.0%), and UBA (-5.5%).
Also, the profit-taking in MANSARD (-7.3%), AIICO (-2.8%),NASCON (-7.7%), and FLOURMILL (-0.6%) weighed on the Insurance and Consumer Goods indices with losses of 2.2% and 0.2 percent accordingly.
Similarly, the Industrial Goods index declined 5bps on the back of price depreciation in WAPCO (-1.1%).
Investor sentiment as measured by market breadth, worsened to -0.2x from 0.04x in the prior session as 10 stocks advanced, 27 declined, while 86 closed flat.
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The analysts expect the local bourse to sustain its bearish run as investors continue to book gains.
In the Fixed income space, the Treasury Bills secondary market closed flat due to what the analysts call tepid sentiment across the curve, consequently Average T-Bills yield remained unchanged to close at 16.63%.
However, the FGN Bond market traded on a bearish note as the Average FGN Bond yields slightly increased by 1bp to close at 16.83%.
At the NAFEM window, the Naira weakened by 2.08% to close at NGN 1,615.94/USD. Crude oil price (Brent) trended upwards by 0.81% to USD83.20pb.
