Sell pressure dips market by 0.12% as investors lose N24.5bn

Sentiments in the domestic bourse turned negative, as sell-off of MTN Nigeria shares triggered a 0.1 per cent decline in the All-Share Index (ASI) to 38,802.15 basis points.

At the Nigerian Exchange Limited (NGX) on Tuesday, the market capitalisation settled at N20.22 trillion after investors lost N24.5 billion.

Consequently, the Month-to-Date gain moderated to +2.4 per cent, while the Year-to-Date loss increased to -3.7 per cent.
As measured by market breadth, market sentiment was flat as an equal number of 19 tickers gained relative to losers.

On the performance chart, Oando and Champion Breweries recorded the most significant gains of the day having added 9.9 per cent and 9.0 per cent respectively, while UPDCREIT and Unity Bank topped the losers’ list by 6.7 per cent and 6.5 per cent respectively.

Notably, the performance of the sub-sectors tracked did not mirror the benchmark index as only the Insurance index fell by 0.03 per cent. The NSE Banking, NSE Consumer Goods and the NSE Oil/Gas indices rose by 0.21 per cent, 0.11 per cent and 1.99 per cent respectively; while the NSE Industrial sector closed flat.

Meanwhile, trading activity was weak, despite the huge transactions on MTN shares, as total deals, volume and value of stocks traded fell by 7.49 per cent, 1.41 per cent and 15.32 per cent to 4,326 deals, 0.243 billion units and N1.89 billion respectively.

Access Bank was the most traded stock by volume at 21.77 million units, while MTN Nigeria was the most traded stock by value at N220.40 million.

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