By Salamatu Ejembi
Lagos, Nigeria – In a continuation of recent market trends, bearish sentiments prevailed on Tuesday’s equities trading session on the Nigerian Exchange Limited (NGX). As a result, the benchmark index experienced a further dip of 0.34%, with the All-Share Index losing 230.47 basis points to settle at 66,652.17 basis points from the previous 66,882.64 basis points.
Market capitalisation also depreciated, declining by 0.34% or ₦126bn to close at ₦36.479trn from ₦36.605trn.
This negative performance can be attributed to investors’ sell-offs of BUA CEMENT PLC (-1.20%), ZENITH BANK PLC (-2.97%), and GUARANTY TRUST HOLDING COMPANY PLC (-2.93%) stocks.
An analysis of today’s market activities reveals that a total of 363.99 million units of shares, valued at ₦4.53bn, were exchanged in 7,018 deals.
ACCESSCORP (+0.00%) emerged as the most traded stock by volume, with 49.97 million units of shares being traded. Meanwhile, UBA (-1.71%) claimed the top spot in terms of value, with a transaction worth ₦787.37 million.
Market breadth, as measured by the number of stocks gained and lost, remained flat. Twenty-two stocks recorded gains, while an equal number experienced losses.
CONSOLIDATED HALLMARK INSURANCE PLC topped the gainers’ table, with its selling price rising from ₦1.00 per share to ₦1.10 per share, representing a gain of 0.10k or 10.00%.
CORNERSTONE INSURANCE PLC followed closely, experiencing an increase from ₦1.50 per share to ₦1.65 per share, resulting in a gain of 0.15 or 10.00%.
Lastly, UPDC REAL ESTATE INVESTMENT TRUST made the list, as its share price rose from ₦3.55k to ₦3.90k, gaining 0.35k or 9.86%.
On the other hand, CONOIL PLC saw a decline in its share price from ₦89.10k to ₦80.20k, reflecting a decrease of ₦-8.90k or 9.99%.
FTN COCOA PROCESSORS PLC also experienced a decrease, falling from ₦1.91k per share to ₦1.72k per share, resulting in a loss of 0.19k or 9.95%. OANDO PLC followed suit, with its share price dropping from ₦10.70k to ₦9.65k, losing ₦-1.05k or 9.81%.
When analysing by sector, the Banking (-4.5%), Oil & Gas (-1.2%), and Industrial Goods (-0.3%) indices closed lower, while the Consumer Goods index remained flat. The Insurance (+2.4%) index emerged as the lone gainer of the day.
