Equities market halts 6 days rally as investors lose N33.5bn

Equities trading at the Nigerian Exchange Limited (NGX) on Tuesday was bearish as All-Share Index (ASI) relapsed by 0.13 per cent to close at 54,299.76 basis points, halting six days of successive rally on the local bourse.

Specifically, profit-taking on FCMB Grouo, UACN, Geregu and Dangote Cement shares impacted the overall market sentiment as their share pricess of these companies fell by 7.82 per cent, 6.12 per cent, 5.71 per cent and 0.71 per cent, respectively.

Consequently, the Month-to-Date and Year-to-Date returns moderated to +2.0 per cent and +6.0 per cent, respectively.

Equities investors, therefore, lost N33.50 billion from their overall investment as the market capitalization settled at N29.58 trillion by the end of trading activities on Tuesday.

As measured by market breadth, market sentiment was negative, as 26 tickers lost relative to 20 gainers. On the performance board, Japaul Gold and FCMB Group recorded the most significant losses of the day after their respective share prices dipped by 9.4 per cent and 7.8 per cent; while Conoil and MRS topped the gainers’ list as their share prices appreciated by 10.0 per cent and 9.8 per cent, respectively.

Sectoral analyses indicated that the NGX Oil/Gas sub-sector index rose by 0.54 per cent, due to strong corporate earnings from Conoil and MRS but was limited by Ardova’s potential delisting.

Other sub-sector gauges tracked closed in red: the NGX Banking, NGX Insurance, NGX Consumer Goods, and NGX Industrial indices declined by 0.61 per cent, 0.80 per cent, 0.02 per cent, and 0.31 per cent, respectively. In the broader market, the NGX Premium index rose marginally by one basis point, however, the NGX-30 index fell by 0.01 per crnt.

Meanwhile, trading activity increased, with total deals, volume, and value rising by 0.48 per cent, 4.38 per cent, and 58.84 per cent, respectively, to 4,380 trades, 200.04 million units, and N7.62 billion.

In terms of volume, FCMB was the most active stock, with 27.98 million shares worth N130.02 million changing hands in 132 deals.

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