The Nigerian stock market closed on a negative note for the seventh consecutive trading session on Tuesday amid investors continued to take profits.
The market has been falling since May 14, with the All Share Index of the Nigerian Exchange Limited dropping from 39,481.89 basis points to 38,256.76bps on Tuesday.
The market capitalisation of equities declined from N20.58tn on May 14 to N19.94tn on Tuesday.
A total of 250.20 million shares valued at N1.55 billion were traded by investors in 3,534 deals on Tuesday, compared to 141.15 million shares valued at N1.09bn in 3,566 deals on Monday.
Seventeen companies, led by LASACO Assurance Plc, recorded price losses at the end of trading on the floor of the NGX.
Other top losers were Champion Breweries Plc, AIICO Insurance Plc, Chams Plc and AXA Mansard Insurance Plc.
The share prices of 12 companies appreciated, with C&I Leasing Plc leading the park. Others top gainers were Royal Exchange Plc, Consolidated Hallmark Insurance Plc, Neimeth International Pharmaceuticals Plc and The Initiates Plc.
Cordros Capital Limited noted that profit-taking continued on Tuesday in the domestic equities market, with a Tier I banking stock, GUARANTY (-1.2 percent) weighing down the bourse.
It said, “Consequently, the NGX ASI ended the session 0.1 per cent lower at 38,256.76 points. Accordingly, month-to-date and year-to-Date losses increased to -4.0 per cent and -5.0 per cent, respectively.
“The total volume of trades increased by 77.3 per cent to 250.20 million units, valued at N1.55bn and exchanged in 3,534 deals. COURTVILLE was the most traded stock by volume at 36.85 million units, while ZENITHBANK was the most traded stock by value at N649.41m.
“On sectors, the insurance (-1.6 per cent) and banking (-0.5 per cent) indices declined while the consumer goods, oil and gas, and industrial goods indices closed flat.”