Equities market reverses previous day’s gain, investors lose N284bn

The local stock market declined as the All-Share Index of the Nigerian Exchange (NGX) dropped by 0.43 percent to 106,167.75 basis points on Tuesday.

This downturn resulted in a corresponding 0.43 percent reduction in the market capitalization of listed equities, bringing it down to N66.48 trillion and wiping out N284 billion from investors’ portfolios.
As a result, the Month-to-Date and Year-to-Date returns settled at -1.5 percent and +3.2 percent, respectively.

Sectoral performance was largely negative, with key sectors posting losses: Banking declined by 0.21 percent, Consumer Goods by 0.28 percent, and Oil & Gas by 0.03 percent.
However, the Insurance and Commodity indices recorded slight gains of 0.46 percent and 0.02 percent, respectively, while the Industrial Goods sector remained unchanged.

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Market breadth reflected overall weakness, with 23 stocks advancing against 31 decliners.
Top gainers included Livestock, Cornerstone Insurance, International Energy Insurance, Smurfit, and Lasaco Insurance, while Mecure, ABC Transport, Daar Communication, Guinea Insurance, and Royal Exchange led the list of losers.

Amid the prevailing bearish sentiment, trading activity weakened, with the number of deals, trading volume, and value declining by 13.13 percent, 11.06 percent, and 55.08 percent, respectively.
In total, 324.59 million shares worth N7.92 billion were traded across 12,652 transactions.