On Tuesday, equities trading at the Nigerian Exchange Limited went southward to reverse the previous day’s gain.
The bears dominated the domestic bourse as the All-Share Index (ASI) slipped by 0.44 per cent to settle at 71,041.05 basis points.
The market’s weak performance was primarily driven by selloffs in Dangote Cement, Zenith Bank, and Guaranty Trust Holding Company, leaving the share prices lower by 2.44 per cent, 0.42 per cent, and 0.90 per cent, respectively.
Consequently, the month-to-date and year-to-date returns moderated to +2.6 per cent and +38.6 per cent, respectively.
The bearish trade on Tuesday left equities investors with a N164.76 cumulative loss as the market capitalization settled lower at N38.88 trillion.
As measured by market breadth, market sentiment was negative, with 40 tickers lost relative to 18 gainers. On the performance board, Omatek Venture and Ikeja Hotel recorded the most significant losses of the day after their respective share prices depreciated by 10.0 per cent and 9.9 per cent, respectively, while Secure Electronic Technology and Mecure Industries topped the gainers’ list, having appreciated by 10.0 per cent, respectively.
However, sectoral performance was mixed, as the insurance and industrial goods indices declined by 1.3 per cent, respectively, while the banking index advanced by 0.1 per cent. The Consumer Goods and Oil & Gas indices closed flat.
Analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 5.48 per cent. A total of 534.62 million shares valued at N5.62 billion were exchanged in 8,136 deals.
Access Holdings led both the volume chart, with 52.36 million units traded, and the value chart, with deals worth N942.76 million.
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