On Tuesday, the Nigerian Exchange Ltd. (NGX) witnessed a further drop in market indices by 1.2 per cent amid sustained negative investment sentiments.
Sentiments remained bearish at the Nigerian Exchange Ltd. (NGX) as market capitalisation decreased by N46 billion.
Also, the All-Share Index (ASI) gained 283.27 points or 0.55 per cent to settle at 51,729.87 against N51,446.60 recorded Tuesday.
Market breadth closed positive as 21 stocks were on the leader’s table, while 11 were on the laggard’s log.
The upturn was impacted by gains recorded in large capitalised stocks, amongst which are MTN Nigeria, Airtel Africa and Seplat.
The market’s weak performance was due selloffs in the shares of Zenith Bank and United Bank for Africa(UBA).
The All-Share Index (ASI) closed at 48,554.76 from 49,370.62 on Monday, representing a decrease of 1.60 per cent.
The volume of shares traded closed lower as investors bought and sold 146.99 million shares worth N2.65 billion in 3,180 deals.
Specifically, the market capitalisation shed N19 billion.
The loss followed a sell pressure in Lafarge Africa and PZ Cussons.
