The Nigerian stock market, which began the month on a positive note, resumed its decline on Tuesday as 26 firms recorded price losses at the end of trading.
The Nigerian Stock Exchange All-Share Index had risen by 0.33 percent after investors on Monday, the first trading day of the month after February saw investors record a total loss of N1.37tn.
But the benchmark index, ASI, fell by 0.59 percent on Tuesday to 39,697.62 basis points from 39,931.63bps on Monday.
The market capitalization of equities dropped by N120bn to close at N20.77tn on Tuesday from N20.89tn on Monday.
A total of 222.57 million shares valued at N5.39bn were traded in 4,470 deals on Tuesday, compared to 543.99 million shares valued at N1.89bn that were exchanged by investors in 4,673 deals on Monday.
Mutual Benefits Assurance Plc, which led the losers on Tuesday, saw its share price decline by 10 percent to close at N0.36.
It was followed by Ardova Plc (formerly Forte Oil Plc), which declined by 9.97 percent to close at N16.25 per share.
Champion Breweries Plc shed 9.69 percent to close at N2.05 per share; The Initiates Plc lost 9.62 percent to close at N9.62 per share, while Sterling Bank fell by 8.75 percent to N1.46 per share.
Eighteen stocks recorded price appreciation at the end of trading on the floor of the NSE on Tuesday, with Academy Press Plc leading the pack.
Academy Press rose by 9.76 percent to N0.45 per share, while PZ Cussons Nigeria Plc appreciated by 9.38 per share to close at N5.25 per share.
Royal Exchange Plc and Beta Glass Company Nigeria Plc gained eight percent each to close at N0.27 and N54 per share respectively.
Regency Alliance Insurance Company Plc saw its share price increase by 7.69 percent to close at N0.28.
Analysts at Cordros Capital Limited noted that the month-to-date and year-to-date losses increased to 0.3 percent and 1.4 percent, respectively.
They said, “Zenith Bank was the most traded stock by volume at 48.10 million units, while Nestle was the most traded stock by value at N2.73bn.
“Performance across sectors was broadly negative, as four out of our five coverage indices – consumer goods (-3.9 percent), oil and gas (-0.9 percent), industrial goods (-0.4 percent), and banking (-0.1 percent) – closed in the red. The insurance (+0.2 percent) index was the lone gainer of the day.”