The bearish sentiment persisted on the Nigerian Exchange (NGX) on Tuesday as profit-taking in 49 equities dragged the market further into the red.
The All-Share Index (ASI) fell by 0.67%, closing at 138,780.55 points, while the market capitalisation dropped to ₦87.81 trillion from the previous day’s ₦88.70 trillion, representing a decline of ₦893 billion.
Investors exchanged 405 million shares worth ₦39.8 billion in 31,127 deals, reflecting active trading despite the negative breadth.
Market breadth turns negative
The session closed with only nine gainers against 49 losers, indicating strong sell pressure.
Top gainers
NCR led the pack with a 9.96% rise to ₦12.70 from ₦11.55.
Austin Laz & Co. appreciated by 9.66%, while Tantalizers and Multiverse advanced by 6.09% and 5.50%, respectively.
Top losers
AIICO Insurance, Prestige Assurance, and Consolidated Hallmark Insurance topped the decliners’ chart, each shedding 10% of their share value.
Ellah Lakes and PZ Cussons lost 9.93% and 9.89%, respectively.
Volume drivers
GTCO was the most active, trading 36 million shares worth ₦3 billion across 1,584 deals.
Access Holdings followed with 30 million shares valued at ₦768 million in 1,529 deals.
AIICO Insurance accounted for 22 million shares worth ₦77 million in 849 deals.
Analysts attribute the continued decline to profit-taking in large and mid-cap stocks after recent gains, noting that market sentiment remains cautious ahead of macroeconomic data releases.
Leave a Reply