The stock market ended negatively tuesday as the bears returned following losses by high capitalised stocks. The market had resumed positively on Monday on continued demand for banking stocks, appreciating by 0.18 per cent. Although banking stocks remained in high demand yesterday, depreciation suffered by some highly stocks led to the Nigerian Stock Exchange (NSE) All-Share Index declining by 0.36 per cent to close at 26,278.20. Nestle Nigeria, Nigerian Breweries Plc, Forte Oil, Guinness Nigeria Plc, UAC of Nigeria, which are among the highly capitalised stocks made the price losers’ chart yesterday. However, Seven-Up Bottling Company led, declining by 5.0 per cent to close at 101.65. N.E.M Insurance Plc trailed with 4.7 per cent, while NPF Microfinance Bank Plc and A.G Leventis Nigeria Plc went down by 4.5 per cent. Forte Oil Plc lost 4.4 per cent, just as ETI and Cutix Plc went down by 4.1 and 4.0 per cent in that order. Nestle, UACN, Dangote Flour Mills Plc, African Prudential Registrars Plc, Livestock Feeds Plc, Fidson Healthcare and Nigerian Breweries Plc shed 3.6 per cent, 2.4 per cent, 1.7 per cent, 1.5 per cent, 1.2 per cent and 0.8 per cent and 0.5 per cent respectively.
On the positive side, Unity Bank Plc led the price losers with 5.1 per cent to close at N0.62, trailed by Diamond Bank Plc with 5.0 per cent. Vitafoam Nigeria Plc, Cement Company of Northern Nigeria Plc, FCMB Holdings Plc and Fidelity Bank Plc appreciated by 4.8 per cent, 4.8 per cent, 4.7 per cent and 4.4 per cent in that order. In terms of sectoral performance three sector advanced while two declined. The NSE Consumer Goods Index emerged the worst performer, declining by 1.5 per cent on losses recorded by Nestle (-3.6 per cent), Nigerian Breweries (-0.6 per cent) and Guinness (-4.2 per cent). The NSE Oil & Gas Index shed 0.3 per cent as investors further sold–off in Forte Oil (-4.4 per cent) and Oando (-0.2 per cent).
However, the NSE Insurance Index gained 0.38 per cent on account of price appreciation in Continental Reinsurance (+3.8 per cent) and WAPIC Insurance Plc (+1.9 per cent). In the same vein, the NSE Industrial Goods Index added 0.04 per cent on account of renewed appetite for CCNN (+4.8 per cent) while the NSE Banking Index gained 0.02 per cent on the back of gains in Access Bank (+1.7 per cent) and UBA (+1.8 per cent) which offset losses in ETI (-4.1 per cent) and Zenith Bank (-0.4 per cent).