Market rebound cut short as index drops by 0.73%

The Nigerian Stock Exchange (NSE) All-Share Index on Tuesday fell by 301.51 basis points or 0.73 per cent to close at 41,064.91 basis points, from Monday's close of 41,366.42 basis points.

Also, the market capitalisation of the listed equities fell by N97bn or 0.73 per cent to close at N13.163tn as against an appreciation of 1.96 per cent or N255bn the previous day.

The market recorded a slump in market indicators last week only to recover in Monday's trading session.

While four of the sectoral indices - NSE 30 Index, Banking Index, Insurance Index and Industrial Index - declined, three others - NSE Consumer Goods Index, Oil and Gas Index and Lotus Islamic Index appreciated on Tuesday. The NSE ASeM Index closed flat at 963 basis points.

The Oil and Gas Index, which rose by 2.67 per cent to close at 326.38 basis points, was the top performing sectoral index, while the Banking Index - with a 2.01 per cent decline to close at 416.36 basis points - was the worst performing index.

Losses by seven of the 11 banks on the NSE Banking Index caused its decline on Tuesday.

In all, 32 stocks recorded price appreciation on Tuesday, while 25 equities recorded price depreciation.

Beta Glass Company Plc was the topmost gainer for the day, rising by 10.19 per cent or N1.80 to close at N19.47 per share.

Neimeth International Pharmaceuticals Plc and GNI Plc followed. While Neimeth was up by 9.88 per cent or 17 kobo to close at N1.89 per share, GNI rose by 8.47 per cent or five kobo to close at 64 kobo per share.

Oando Plc was also up, rising by 7.77 per cent or N1.64 to close at N22.75 per share.

Learn Africa was the biggest loser for the day, shedding 4.74 per cent or nine kobo to close at N1.81 per share; followed by Livestock Feeds Plc, which fell by 4.50 per cent or 19 kobo to close at N4.03 per share.

International Breweries Plc was down by 3.47 per cent, while RT Briscoe Plc dropped by 3.15 per cent or four kobo to close at N1.23 per share.