Equity investors lost a total of N421bn in six trading days as the market capitalisation dropped to N13.051tn on Tuesday from N13.472 on September 27.

At the end of trading on Tuesday, the benchmark index declined by 0.2 per cent to 26,809.92 basis points following major losses posted by MTN Nigeria Communications Plc, Dangote Sugar Refinery Plc and UBA Group Plc.

The year-to-date loss worsened to -14.7 per cent.

However, activity level improved as volume and value traded advanced by 22.6 per cent and 68.7 per cent to 185.945 million units and N2.537bn, respectively.

The top traded stocks by volume were Zenith Bank Plc (60.9 million units), FCMB Group Plc (37.3 million units), Guaranty Trust Bank Plc (27.9 million units) FBN Holdings Plc (6.56 million units) and UBA (5.26 million units).

Zenith Bank (N1.1bn), GTB (N744.4m), Nestlè Nigeria Plc (N242.1m) MTN (N72.86m) and FCMB (N59.74m) led the top traded stocks by value.

Performance across sectors was mixed. The oil and gas index gained the most, up 1.04 per cent on the back of major gains in 11 Plc and Forte Oil Plc.

Similarly, the banking and insurance indices rose by 0.05 per cent and 0.06 per cent, respectively following buying interest in GTB, Access Bank Plc and Continental Reinsurance Plc.

On the flip side, the AFR-ICT and consumer goods indices depreciated by 0.70 per cent and 0.09 per cent, respectively as sell-offs in MTN, Dangote Sugar and Guinness Nigeria Plc dragged the indices.

The industrial goods index closed flat.

Investor sentiment weakened as market breadth (advance/decline ratio) declined to 0.9x from 1.1x recorded on Monday.

Fourteen losers outperformed gains recorded in 12 stocks.

The top five losers were Champion Breweries Plc, Courteville Business Solutions Plc, Learn Africa Plc, Wema Bank Plc and Chams Plc as their respective share prices depreciated by 9.6 per cent, 9.1 per cent, 8.9 per cent, 7.9 per cent and 7.7 per cent.

The top five gainers were Nascon Allied Industries Plc, NPF Microfinance Bank Plc, Forte Oil, 11 Plc and Lasaco Assurance Plc, which saw respective gains of 10 per cent, 9.1 per cent, 6.1 per cent, 5.6 per cent and 3.6 per cent.

“We expect the bearish sentiment to persist as investors continue to take a risk-off approach towards the market,” analysts at Afrinvest Securities Limited said.