The Nigerian Stock Exchange (NSE) recorded transactions worth N11.23 billion on Tuesday, despite drop in market indices by 0.39 per cent due to sell pressure.
The News Agency of Nigeria (NAN) reports that a total of 2.91 billion shares valued at N11.23 billion were exchanged by investors in 3,324 deals, an increase of 1.65 per cent.
This was in contrast with a total of 2.86 billion shares worth N3.92 billion transacted in 3,360 deals on Monday.
Wema Bank, for the second consecutive day, drove the activity chart, accounting for 2.39 billion shares valued at N1.48 billion.
It was trailed by Zenith Bank with 409.97 million shares worth N8.2 billion, while Access Bank traded 13.68 million shares valued at N87.59 million.
United Bank for Africa traded 9.75 million shares worth N59.52 million, while Guaranty Trust Bank transacted 9.66 million shares valued at N297.44 million.
In spite of the high volume, the All Share Index shed 117.53 points, representing a dip of 0.39 per cent to close at 29,818.80 against 29,936.33 achieved on Monday.
Similarly, the market capitalisation shed N52 billion to close at N13.140 trillion in contrast with N13.192 trillion recorded on Monday.
The performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Nestle Nigeria, Okomu Oil, Chemical and Allied Products (CAP), Julius Berger and International Breweries.
Analysts at Afrinvest Limited maintained bearish outlook for subsequent trading sessions but remained optimistic that investors would continue to position in undervalued stocks with good fundamentals.
Also, analysts at Cordros Capital Limited stated: “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term.
“However, stable macro-economic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”
Market breadth was negative with 20 gainers against 21 losers.
Champion Breweries recorded the highest price gain of 10 per cent, to close at N1.32 per share.
NEM Insurance followed with a gain of 8.78 per cent to close at N2.23, while Unity Bank rose by 8.57 per cent to close at 76k per share.
Linkage Assurance grew by 8.33 per cent to close at 52k, while Oando gained 6.76 per cent to close at N3.95 per share.
Conversely, Associated Bus Company and Okomu Oil led the losers’ chart by 10 per cent each, to close at 27k and N66.60 per share respectively.
International Breweries and CAP followed with a decline 9.97 per cent each, to close at N16.70 and N28 per share respectively.
Julius Berger dropped by 9.93 per cent to close at N19.50 per share.