Stock market extend losses as All-Share Index decline by 0.30% on Tuesday

• The Nigerian stock market extended losses, as the NGX All-Share Index declined by 0.30% to close at 114,910.16 points. Market capitalization also declined by 0.25% and closed at ₦72.50trn.
• Sustained investor’s sentiment on the back of the CBN forbearance circular was the primary driver of the negative sentiment as UBA (-5.57%), FIRSTHOLDCO (-4.15%), ZENITHBANK (-2.02%), and ACCESSCORP (-2.20%) closed in the red. Additionally, profit taking activities in TRANSPOWER (-9.98%) and OANDO (-9.97%) further dampened the market. These losses outweighed gains in GTCO (+5.80%), MTNN (+2.45%), FCMB (+2.16%), and PRESCO (+1.52%).
• Despite the bearish market sentiment, market activity was positive with total trading volume increasing by 9.08%, while the value of transactions increased by 16.61%. ZENITHBANK topped the volume chart with 96.23mn shares traded, while GTCO (+5.80%) led in value terms, recording ₦6.24bn worth of trades.
• Market breadth ended on a negative note at 0.83:1, indicating more laggards than gainers. LEARNAFRCA (+10.00%) led the gainers’ table, while TRANSPOWER (-9.98%) led the laggards’ log.

NASD Summary

• On the NASD OTC Securities Exchange today, the NASD Securities Index (NSI) gained 1.00% reversing losses from the previous session to end the session at 3,359.5 points. Conversely, market capitalization increased by the same margin of 1.00% to close at ₦1.97trn. 
• In line with the improved market performance, trading activity surged significantly. Volume traded grew by 33.31% to 639,427.0 units, while the value of transactions increased by 33.31% to ₦23.6mn. However, the total number of trades declined by 5.41% to 35 deals executed, indicating few trades drove the market rebound.