Equities investors lose N1.06trn as bears dominate market

Bearish sentiments dominated the Nigerian equities market on Tuesday as investors incurred a loss of N1.06 trillion.

Overall, the equities market capitalisation of the Nigerian Exchange lost N1.06 trillion, representing a decline of 1.66 per cent to close at N63.19 trillion.

The local bourse witnessed a strong bear contest, with the steepest daily decline in the year dragging key market performance indicators downward by 1.66 per cent. Thus, the All-Share Index (ASI) reduced by 1,745.16 basis points, representing a drop of 1.66 per cent to close at 103,622.09 basis points.

This downturn was primarily driven by significant sell-offs in prominent blue-chip and mid-cap stocks such as Dangote Cement, Julius Berger, MTN Nigeria Communication, and others.

On Tuesday, the market breadth closed negative, recording 23 gainers and 41 losers.

Northern Nigeria Flour Mills topped the advancers’ chart for the day with a price appreciation of 10.00 per cent, trailed by Livestock, which gained 9.91 per cent. Other gainers include Academy Press, University Press, Neimeth Pharmaceutical, SCOA, and 17 others.

Conversely, Honeywell Flour Mills was the top loser, with a price depreciation of 10.00 percent. Other decliners include Dangote Cement, Julius Berger, NGX Group, Japaul Gold Venture, and MTN Nigeria Communication.

In addition, the market sector performance closed in the negative territory, as four of the five major market sectors went down.

The industrial sector dropped by 4.99 per cent, followed by the insurance sector, which lost 2.80 per cent, the consumer goods sector dipped by 0.27 per cent, and the banking sector tumbled by 0.10 percent. The Oil & Gas sector grew by 0.29 per cent after the day’s trading.

However, market activities were inched higher, as the total volume and total value traded on the Nigerian Exchange increased by 1.06 per cent and 57.01 per cent, respectively.

Approximately 511.16 million units valued at N12,758.80 million were transacted across 13,052 deals.

In terms of volume, Guaranty Trust Holding Company led the activity chart, accounting for 10.72 per cent of the total volume traded, followed by Nigerian Breweries, Universal Insurance, AIICO Insurance, and Chams rounding out the top five.

Guaranty Trust Holding Company also emerged as the most traded stock in value terms, accounting for 26.84 per cent of the total value of traded on the exchange.