Equity investors lose N2.38trn as NGX plunges 1.46%
The Nigerian Exchange (NGX) closed negative on Tuesday as the All-Share Index (ASI) shed 1.46 per cent, or 2,110.33 points, to settle at 142,613.47 points. Market capitalisation also dipped 1.46 per cent, erasing about N2.38 trillion to close at N90.23 trillion.
The decline dragged the year-to-date return down to 38.56 per cent from 40.61 per cent in the previous session, reflecting heavy profit-taking across major counters.
Sell pressure was pronounced in bellwether stocks, with Dangote Cement dropping 9.88 per cent, Zenith Bank down 7.26 per cent, GTCO falling 2.06 per cent, and Oando sliding 7.11 per cent. Gains in select consumer and insurance equities, including International Breweries (+6.95%), Dangote Sugar (+0.81%) and AIICO Insurance (+2.87%), were insufficient to offset the losses.
Sectoral performance mirrored the bearish trend, with the Industrial Goods index leading declines at -4.37 per cent, followed by Insurance (-3.86%), Banking (-2.06%) and Oil & Gas (-0.68%). Consumer Goods was the sole bright spot, eking out a modest 0.57 per cent gain.
Market activity was mixed as trading volume dropped 10.39 per cent, while turnover value rose 9.22 per cent. UNIVINSURE led the volume chart with 130.22 million units, while Nigerian Breweries, down 2.10 per cent, topped the value board with transactions worth N2.13 billion.
Market breadth closed negative at 0.68x, with 25 gainers against 37 losers. Enamelware gained 9.95 per cent to top the advancers, while Royal Exchange shed 10 per cent to lead the decliners’ log.
On the NASD OTC Exchange, the Securities Index (NSI) rose 1.11 per cent to 3,620.09 points, lifting market capitalisation to N2.17 trillion.
However, activity weakened sharply as traded volume fell 80.54 per cent and transaction value slid 56.25 per cent. SDCSCSPL gained 6.64 per cent to top the risers, while SDIGIPLC shed 5.36 per cent to lead the laggards.
