The equities market, on Tuesday, declined by N45bn, thus opening the week on a bearish note.

Consequently, the Nigerian Stock Exchange All-Share Index shed 0.4 per cent to close at 35,306.1 basis points while the year-to-date return retreated to 31.4 per cent.

Meanwhile, Lafarge Africa Plc, in a letter, informed the NSE of its resolve to drop Ernst & Young (Nigeria) as its external auditors for KPMG. The letter was signed by the cement company’s Company Secretary/Legal Director, Mrs. Edith Onwuchekwa.

The NSE market capitalisation decreased to N12.171tn from N12.216tn.

Tuesday’s performance was pulled by Dangote Cement Plc, Nigerian Breweries Plc and PZ Cussons Nigeria Plc, which declined by 1.4 per cent, 1.8 per cent and 6.8 per cent, respectively.

Ex-Dangote Cement, the market would have gone up by six basis points, according to analysts at Afrinvest Securities.

On the other hand, activity level improved as volume and value traded surged 169 per cent and 51.1 per cent to 634.3 million units and N5.8tn, respectively.

Of the sector indices, three out of five closed positive reflecting a mixed performance across sectors.

The banking index led gainers, up by 0.6 per cent due to gains in Zenith Bank Plc, Union Bank Plc and United Bank Plc, which appreciated by 2.6 per cent, 3.9 per cent and 1.7 per cent, accordingly.

Similarly, buy interest in Lafarge Africa Plc (resulting in a 2.6 per cent gain) pushed the industrial goods index up by 0.3 per cent despite losses in Dangote Cement.

Likewise, the insurance index closed 0.1 per cent higher owing to price appreciation in NEM Insurance (Nigeria) Plc by 4.3 per cent.

On the other hand, the consumer goods index fell by 0.9 per cent as Nigerian Breweries and PZ shares declined. Losses in Forte Oil Plc and Oando Plc by 3.6 per cent and 0.5 per cent, dragged the oil/gas index by 0.3 per cent.

Market sentiment as measured by market breadth softened after 18 stocks advanced against 21 decliners. The best performing stocks were C & I Leasing Plc, Learn Africa Plc and Caverton Offshore Services Group Plc, which gained 9.8 per cent, 6.8 per cent and 4.8 per cent, accordingly.

The worst performers, however, were Unity Bank Plc, PZ and United Capital Plc, which depreciated by five per cent, apiece.

The Afrinvest Securities analysts added, “In the interim, there are no market drivers, but we expect market sentiment to improve as the earnings season begins on Tuesday.”