The NGX benchmark index tumbled 0.05 percent to 43,248.05 points while market capitalisation declined to N22.57 trillion on Tuesday as a result of pressured sell-offs in Guaranty Trust Holding Company, Zenith Bank, Dangote Sugar and other stocks ahead of the scheduled public offer by MTN Nigeria on Wednesday while the market year to date return moderated to 7.4 percent.

On the other hand, the level of trading activity improved as total volume and value traded rose 5.5 percent and 57.2 percent, respectively, to 224.9 million units and N3.7 billion with the likes of Access Bank leading the chart of top traded securities by volume with 42.2 million units, followed by Zenith Bank (39 million units), and FBN Holdings, with 16.9 million units.

Also, Zenith Bank topped the table for the most traded stocks by value on Tuesday with total trades in the stock valued at N935.4 million, trailed by Nestle Nigeria with N916.1 million trade value, and Guaranty Trust Holding Company recorded N414 million in actual value.

Furthermore, market performance across the sectors was mixed with the  insurance and banking indices emerging as the lone gainers by 1.6 percent and 0.3 percent, respectively, resulting from buying interests in Aiico Insurance (+9.2%), Coronation Insurance (+4.2%), Access Bank (+4.4%), and Ecobank (+3.7%); while the ICT index ended flat like it did the previous trading day.

On the other hand, the oil & gas index lost the most, down 0.4 percent due to sustained sell pressure on Oando (-2.0%) and closing in from behind were the Consumer and Industrial Goods indices which fell 21 basis points and four basis points, respectively, due to price depreciation in Dangote Sugar (-1.2%), Guinness Nigeria (-0.8%), and Lafarge Cement (-0.6%).

As the bears held sway on Tuesday, investor sentiment, which is measured by market breadth, declined to 0.5x from 0.6x as 11 stocks advanced, while 24 stocks declined. Topping the gainers’ table were Aiico Insurance (+9.2%), Access Bank (+4.4%), and Coronation Insurance (+4.2%), while the likes of UPDC Real Estate Company (-9.9%), Ikeja Hotel (-9.6%), and UPDC (-9.3%) led the losers’ table for the trading day.

Elsewhere, the NGX 30 Index decreased by 0.03 percent to close at 1,746.21 points as against 1,746.72 points on the previous day. Market turnover closed with a traded volume of 154.58 million units. Access Bank and Ecobank were the key gainers, while UBN and United Capital were the key losers on Tuesday.