The Nigerian Exchange recorded a bearish performance on Tuesday as the market lost N285bn in capitalisation, dragged by losses in key stocks such as MeCure Industries, Associated Bus Company, and Daar Communications.

The downturn saw the All-Share Index decline by 454.16 points, or 0.43 percent to close at 106,167.75 points, extending its one-week loss to 0.69 per cent.

Data from the NGX showed that 324.58 million shares worth N7.92bn were traded in 12,652 deals, representing an 11 percent decline in volume, a 55 percent drop in turnover, and a 13 percent decrease in the number of deals compared to the previous session. The market capitalisation now stands at N66.5tn.

Despite the bearish trend, Livestock Feeds led the gainers’ chart with a 9.93 percent appreciation to close at N9.85 per share. It was followed by Cornerstone Insurance, which gained 9.25 percent, International Energy Insurance, which advanced by 8.99 percent, and Smart Products Nigeria, which rose by 8.33 percent.

On the flip side, MeCure Industries led the losers’ chart with a 10 percent decline, closing at N11.25 per share. Associated Bus Company followed with a 7.98 percent drop, while Daar Communications and Guinea Insurance lost 7.46 percent and 7.35 percent, respectively.

Banking stocks dominated trading activity, with Fidelity Bank leading in volume with 29.4 million shares exchanged, followed by Access Holdings with 28.3 million shares, Guaranty Trust Holding with 28.1 million shares, and Zenith Bank with 22.4 million shares.

Performance across NGX indices was mixed. The NGX Top 30 Index fell by 0.46 percent, while the NGX Banking Index shed 0.21 percent. The NGX Insurance Index, however, posted a gain of 0.87 percent, driven by buying interest in insurance stocks.

Analysts at Afrinvest expect the bearish trend to continue.

We expect the bears to maintain their grip as the market remains short of positive catalysts.

The PUNCH reported that the Nigerian Exchange commenced the new trading week on a positive note, recording a market capitalisation increase of N52.17bn.