With market capitalisation falling by N79 billion on Tuesday, the Nigerian Exchange (NGX) started the week on a bearish note, highlighting ongoing selling in various industries.
Compared with N89.626 trillion recorded the preceding day, the total worth of listed equities fell by 0.08% at the end of trading to reach N89.555 trillion. The All-Share Index similarly dropped by 114.17 basis points to 141,544.83 points from Monday’s 141,659 points. The year-to-date return landed at 37.52 percent following the poor performance.
Trading volume also fell as total volume dropped 25.24 percent to 414.98 million shares from 555.12 million shares transacted in the prior session. This fall underlines reduced investor interest, especially in key sectors including consumer goods, insurance, and banking, which fell 0.6%, 0.4%, and 0.3% respectfully. While the industrial goods index closed steady, oil and gas on the other end grew 0.1%.
Amid uncertain wider economic conditions and mixed corporate results, The News Chronicle notes that investors remain wary. This attitude is reflected in the breadth of the market, where 27 stocks registered losses against 23 that were able to show profits.
Leading the day’s top performers was Custodian Insurance with a 9.94 percent gain to finish at N44.80, trailed tightly by Multiverse, which rose 9.68 percent. Nine.45 percent each enjoyed Etranzact and Eunisell, therefore terminating the session at N17.95 and N27.80 respectively. N13.60. Union Dicon additionally gained 8.42% to N10.30.
Deap Capital lost 5.56% to N1.70, whereas Austin Laz headed the losers’ chart with a 6.27% decrease to N2.69. FTN Cocoa decreased Regal Insurance decreased 4.40 percent to N1.74, Champion Breweries dropped 4.26 percent to N15.30, and 4.48 percent to N5.90.
Regarding market activity, GTCO Plc led with 32.89 million shares worth N3.25 billion.
NSLTech followed it with 32.49 million shares traded for N26.37 million; UBA traded 26.22 million shares for N1.24 billion; Chams Plc trailed it. Regal Insurance followed with 18.99 million shares valued at N33.47 million, having traded 21.95 million shares worth N74.89 million.
As profit-taking outweighs bargain-hunting, experts say the market might be unstable in the near future as investors weigh risks against opportunities in the equities market.
