The Nigerian-equities market three-day gains were reversed at the close of trade on Tuesday as the Nigerian Stock exchange market capitalisation dropped by N103bn in one session.

The NSE All-Share Index fell 82 basis points to close at 36,669.61 basis points – implying a moderation in the year-to-date return to 36.4 per cent.

A total of 211.873 million shares valued at N4.742bn exchanged hands in 3,890 deals.

Accordingly, investors lost over N103bn as market capitalisation settled at N12.6tn primarily due to losses in Dangote Cement Plc, Nestle Nigeria Plc and Guaranty Trust Bank Plc, which plummeted by 1.8 per cent, 3.3 per cent and one per cent, respectively.

Despite the 1.4 per cent drop in volume to 211.9 million units, total value of trades increased dramatically, rising by 73.6 per cent from N2.7bn to N4.7bn.

Sector performance was negative across board as all indices declined. On the back of drops in Dangote Cement and Nestle, the industrial and consumer goods indices were the major losers, both down 0.9 per cent from previous close.

Similarly, the oil/gas index fell by 0.5 per cent owing to a loss in 11 Plc, which declined by five per cent. The insurance index declined by 0.4 per cent following a depreciation in AxaMansard Insurance Plc by 4.6 per cent; whereas the banking index reversed on Monday’s top position to marginally fall 0.1 per cent as against one per cent increase on Monday owing to the drop in GTBANK shares by one per cent.

Despite the decline in performance, market breadth remained positive as 21 stocks advanced against 21 decliners. The best performers were International Breweries Plc, NEN Insurance Nigeria Plc and First Aluminum Plc, which respectively advanced by 5.8 per cent, 4.5 per cent and four per cent.

On the other hand, Red Star Express Plc, Neimeth International Pharmaceutical Plc and champion Breweries Plc lost 9.2 per cent, 8.8 per cent and 5.2 per cent to emerge as the worst performing stocks of the day.

Commenting on the market stance, analysts at Afrinvest Securities, in a post, said, “We attribute the day’s negative close to profit taking on recent gains in the equities market, however we expect an upturn in following sessions due to Q3 2017 earnings releases.”

Meanwhile, at the close of trades, the open buy-back and overnight rates recorded respective declines of 47.50 per cent and 50.50 per cent. The average money market rate, on the other hand, settled at 27.67 per cent.

Sell pressures permeated the Treasury bonds space, as the average bond yield advanced by 0.05 per cent, to settle at 15.13 per cent.  Yield advancements were witnessed on 10 instruments, while the Oct-2019 instrument recorded a marginal decline of 0.01 per cent and five instruments traded flat.