The Nigerian Exchange Limited recorded the first decline since January 10th 2024, as the All-share index declined by 1.5 per cent to close at 103,110.15 points on Tuesday from 104,674.67 points the previous day.
Massive selloffs triggered the bearish run as 61 stocks recorded price losses compared to 7 that recorded gains.
This comes as investors also lost N857 billion as the market capitalization declined to N56.425 billion at the close of trading today.
Regarding trading volume, there was a 6 per cent decline to 649.95 million units from yesterday’s 689.93 million units. There was also a 57 per cent decline in trading value to N11.09 billion from yesterday’s N25.94 billion.
Further analysis showed that only a few firms recorded gains on Tuesday, including UPDC, GEREGU, and four others.
Conversely, NASCON, ACCESSCORP, STERLINGNG and three other firms are top losers after Tuesday’s trading.
Similarly, the trading sentiment was negative for stocks worth over N1 trillion, as ZENITHBANK (-7.14 per cent) and GTCO (-6.29%) recorded a price decline, while GEREGU (+4.61 per cent) recorded a price gain.
Also, ACCESSCORP (-10.00 per cent), UBA (-9.67 per cent), DANGSUGAR (-9.74 per cent), and TRANSCOHOT (-1.42 per cent) declined, which sent their market capitalization below the N1 trillion mark.
Posted in African Business News
