NIGERIAN equities showed strong underlying rally on Tuesday but losses suffered by large-cap stocks depressed the market situation.

With 27 advancers to 12 decliners, benchmark indices at the Nigerian stock market indicated average decline of 0.71 per cent, equivalent to net capital depreciation of N84 billion. Average year-to-date return worsened to -16.0 per cent.

The negative market situation was driven largely by losses suffered by large-cap stocks, especially Dangote Cement, Nigeria’s most capitalised stock.

The All Share Index (ASI)-the value-based index that tracks all share prices at the Nigerian Stock Exchange (NSE), declined from its opening index of 22,705.19 points to close at 22,543.07 points. Aggregate market value of all quoted equities also dropped from its opening value of N11.832 trillion to close at N11.748 trillion.

Sectoral indices showed mixed performance. The NSE Banking Index rose by 5.6 per cent while the NSE Insurance Index appreciated by 0.9 per cent. However, the NSE Industrial Goods Index declined by 2.2 per cent. The NSE Oil & Gas Index dropped by 0.61 per cent while the NSE Consumer Goods Index dipped by 0.04 per cent.

Dangote Cement led the losers’ list with a drop of N15.30 to close at N137.70. CAP followed with a loss of N1.95 to close at N18. Ardova Oil declined by N1.50 to close at N13.80. Nascon Allied Industries lost 95 kobo to close at N8.55 while International Breweries dipped by 55 kobo to close at N5.20 per share.

On the positive side, Nigerian Breweries led the gainers with a gain of N2.05 to close at N30. MTN Communications Nigeria followed with a gain of N1.90 to close at N95. Lafarge Africa rose by N1 to close at N11. Stanbic IBTC Holdings rose by 95 kobo to close at N30.25. Zenith Bank chalked up 70 kobo to close at N13.50 while Guaranty Trust Bank added 60 kobo to close at N19.60 per share.

Total turnover increased by 22.6 per cent to 675.8 million shares worth N8.1 billion. Banking stocks dominated the activities’ chart with Zenith Bank leading with a turnover of 173.94 million shares worth N2.32 billion. Guaranty Trust Bank followed with a turnover of 131.06 million shares worth N2.57 billion while FBN Holdings placed third with 119.27 million shares valued at N478.91 million.

“We expect the bearish sentiment to persist for the rest of the week. However, we note that there are opportunities for bargain hunting,” Afrinvest Securities stated.