Bearish sentiment continued at the Nigerian Exchange Limited (NGX) on Tuesday as investors lost N849 billion at the close of Tuesday’s trade.
The Nigerian equities market suffered a massive loss as its All-Share Index (ASI) further declined by 1.50 per cent to close at 102,108.05 basis points.
The local bourse sustained its bearish sentiments as investors sold off BUA Cement, leading to a 10.0 per cent decline in its share price
Consequently, the month-to-date and year-to-date returns declined to +0.9 per cent and +36.6 per cent, respectively.
As measured by market breadth, market sentiment was negative, as 44 tickers lost relative to 13 gainers. BUA Cement and Sterling Financial Holdings topped the losers’ list after losing 10.0 per cent and 9.9 per cent, respectively, from their share prices, while Cadbury and Meyer recorded the highest gains of the day after their respective share prices appreciated by 10.0 per cent and 9.9 per cent, respectively.
Performance across the sectors indicated broad-based losses, as four out of the five sub-sector gauges tracked closed in the red zone.
The Banking, Insurance, Consumer, and Industrial Goods indexes declined by 2.27 per cent, 1.00 per cent, 0.22 per cent, and 3.79 per cent, respectively. The oil and gas sector held steady from the previous session.
Furthermore, negative sentiment pervaded the market as trading on the NGX displayed bearish results, with the total deals, volume, and value nosediving by 13.99 per cent, 41.28 per cent, and 60.70 per cent to 11,761 deals, 494.19 million units, and N7.60 billion, respectively.
At the close of the trading session, Jaiz Bank took the spotlight as the most traded security in terms of volume, with 90.78 million units traded across 433 deals, while Guaranty Trust Holding Company led in traded value at N1.32 billion
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