Selloffs in industrial, banking stocks down equities market by N33.50bn

By Temitope Adebayo

The equities market of the Nigerian Exchange Limited (NGX) relapsed on Tuesday, as the market capitalization lost N33.50billion to close at N29.58trillion amidst selloffs of industrial giant and banking shares.

At the close of yesterday’s trading activities, the NGX All-Share Index (ASI) declined by 0.13 per cent to close at 54,299.76 points – halting six days of successive rally on the local bourse.

Specifically, selloffs of industrial giant, DANGCEM (-0.71%) as well as losses in ZENITHBANK (-0.40%) and ACCESSCORP (-0.54%) offset demand for MTNN (+0.79%) and GTCO (+0.60%), driving the weak performance.

Consequently, the ASI’s year-to-date (YTD) return decreased to 5.95 per cent, while the

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 58.84 per cent. A total of 200.04m shares valued at N7.62billion were exchanged in 4,380 deals.

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FCMB (-7.82%) led the volume chart with 27.98million units traded while GEREGU (-5.07%) led the value chart in deals worth N4.18billion.

Market breadth closed negative at a 1.47-to-1 ratio, with declining issues outnumbering advancing ones. JAPAULGOLD (-9.38%) topped twenty-four (24) others on the laggard’s log, while CONOIL (+10.00%) led sixteen (16) others on the leader’s table.