Equities market reverses previous day’s gain as investors lose N29.42bn

Equities trading at the Nigerian Exchange Limited (NGX) on Tuesday was bearish to reverse the previous day’s gains, closing lower by 0.1 per cent.

Basically, the All-Share Index (ASI) settled at 49,163.81 basis points.
Consequently, the Month-to-Date loss increased to -1.4 per cent, while the Year-to-Date gain moderated to +15.1 per cent.

Equities investors, therefore, lose N29.42 billion from their investment as the market capitalisation closed at N26.52 trillion by the end of Tuesday’s trading session.

On Tuesday, investors’ interest in Zenith Bank was offset by selloffs in Guaranty Trust Holding Company, FBN Holdings, Access Corporation and United Bank for Africa putting the market in the red.

As measured by market breadth, market sentiment was negative as 17 tickers lost relative to 13 gainers. On the performance board, May & Baker and Regal Insurance topped the losers’ list having recorded 9.8 per cent and 7.7 per cent depreciation in respective share value, while NGX Group and Multiverse recorded the highest gains of the day after their respective share prices appreciated by ten per cent.

Sectoral performance was mixed, as the Banking and Consumer Goods indices printed losses by 0.7 per cent and 0.1 per cent, while the Oil & Gas and Insurance indices closed higher by 0.2 per cent and 0.1 per cent. The Industrial Goods index was flat.

Analysis of market activities on Tuesday showed trade turnover settled higher relative to the previous session, with the value of transactions increasing by 87.77 per cent.

A total of 139.24 million shares valued at N1.60 billion were exchanged in 3,421 deals. Transnational Corporation led the volume chart with 38.46 million units traded, while Zenith Bank led the value chart in deals worth N710.83 million.

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• Equities market reverses previous day’s gain as investors lose N29.42bn