Local stock market halts bullish run to dip by 0.1%

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2 years ago

On Tuesday, bearish sentiment drove the domestic bourse as the All-Share Index of the Nigerian Exchange Limited (NGX) closed 0.09 per cent lower to settle at 48,853.54 basis points.

Consequently, the year-to-date gain of the local bourse slipped to 14.37 per cent.

Specifically, profit-taking on mid and large-cap stocks such as CHAMS, Jaiz Bank, CAP, MTN Nigeria and Union Bank of Nigeria lowered their respective share prices by 8.70 per cent, 8.42 per cent, 4.14 per cent, 3.26 per cent, and 2.31 per cent.

Equities investors, therefore, lost N24.8 billion as the market capitalisation settled lower at N26.61 trillion by the end of the day’s trading activities.

Market breadth closed negative with declining issues outnumbering advancing ones. On the performance board, CHAMS topped 13 others on the laggard’s log after its share value decreased by 8.70 per cent, while Cornerstone Insurance led ten others on the leader’s table as the insurance stock value increased by 8.70 per cent.

Sectorial performance was upbeat as three out of the five indices tracked closed northward; the NGX Banking, NGX Insurance, and NGX Industrial indices rose by 0.64 per cent, 0.31 per cent, and 1.78 per cent, respectively. The NGX Consumer Goods index and the NGX Oil/Gas index remained unchanged from the previous day.

Meanwhile, an analysis of market activities on Tuesday showed trade turnover settled higher relative to the previous session, with the value of transactions up by 53.94 per cent. A total of 162.98 million units of shares valued at N3.87 billion were exchanged in 3,286 deals.

Sterling Bank led the volume chart with 31.61 million units traded, while MTN Nigeria led the value chart in deals worth N2.60 billion.

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