Local stock market dips further by 2.2% as investors lose N545.5bn

On Tuesday, equities trading at the Nigerian Exchange Limited (NGX) was bearish to extend losses from the previous session, bringing the All-Share Index down by 2.16 per cent to close at 45,366.32 basis points.

The extended rout in the market was primarily driven by continued selloffs in telco heavyweight, Airtel Africa, as its share price depreciated by 10.0 per cent.

Similarly, sell pressure on Nigerian Breweries, CWG, Jaiz Bank, WAPCO, and FBN Holdings impacted the overall market negatively as the share prices of the stocks declined by 9.80 per cent, 8.64 per cent, 5.56 per cent, 2.13 per cent, and 0.52 per cent, respectively.

Equities investors, therefore, lost N545.46 billion as the market capitalization settled lower at N24.71 trillion, as the year-to-date (YTD) return fell to 6.20 per cent.

Market breadth closed positive with advancing ones outnumbering declining ones. On the performance board, United Capital led 17 others on the gainer’s table after increasing in share value by 9.69 per cent, while Airtel Africa topped 13 others on the laggard’s log having depreciated by 10.0 per cent.

Sectorial performance was positive as three out of the five indices tracked closed in the green zone; the NGX Banking index, the NGX Insurance index, and the NGX Industrial index rose by 0.95 per cent, 0.47 per cent, and 1.38 per cent, respectively. The NGX Consumer Goods index, on the other hand, took the biggest hit, dropping by 1.14 per cent. Similarly, the NGX Oil&Gas Index declined by 0.28 per cent as a result of negative sentiment for Oando shares.

Analysis of market activities showed that trade turnover settled lower relative to the previous session, with the value of transactions down by 16.03 per cent.

A total of 420.28 million units of shares valued at N3.62 billion were exchanged in 3,486 deals. Guaranty Trust Holding Company led the volume chart with 57.41m units traded while Airtel Africa led the value chart in deals worth N1.35 billion.

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Local stock market dips further by 2.2% as investors lose N545.5bn

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Local stock market dips further by 2.2% as investors lose N545.5bn