The Nigerian equities market reversed previous day’s gains, as losses in Dangote Cement, Zenith Bank, Guaranty Trust Holding Company and Oando dragged the All-Share Index down by 1.5 percent to 142,613.47 basis points.
Accordingly, the Month-to-Date and Year-to-Date returns settled at +2.0 percent and +38.6 percent, respectively.
As a result, investors lost about N1.33 trillion in market value, with total market capitalisation declining to N90.23 trillion.
At the Nigerian Exchange (NGX) on Tuesday, market sentiment remained weak, as reflected in the negative market breadth of 26 gainers versus 37 losers.
On the performance board, Royal Exchange and Dangote Cement recorded the most significant losses of the day having dipped in share value by 10 percent and 9.9 percent, respectively, while Enamel Wares and Daar Communication led the gainers after their respective share prices appreciated by 10 percent and 9.8 percent.
Performance across sectors was largely bearish. The Banking, Insurance, Oil & Gas and Industrial Goods indices all posted losses.
In contrast, the Consumer Goods sector emerged as the sole gainer, rising 0.51 percent, while the Commodity sector closed flat.
Despite the downbeat price trend, overall market activity improved. Although the number of deals and trading volume declined by 9.98 percent and 10.39 percent to 34,352 deals and 1.03 million units, respectively, the total traded value advanced by 9.22 percent, reaching N17.66 billion.
Universal Insurance topped the volume chart with 130.22 unit exchanged, whereas Nigerian Breweries led the value board with trades worth N2.13 billion.
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