Investors in the Nigerian Exchange Ltd. (NGX) on Tuesday experienced a setback as sell-offs in MTN Nigeria and major banking stocks resulted in a loss of 0.12 per cent, equating to N70 billion in market capitalization.
The market opened at N56.146 trillion but closed at N56.076 trillion.
The All-Share Index mirrored this decline, falling by 0.12 per cent or 122 points, ending the day at 97,584.81, down from 97,706.70 the previous day. Consequently, the Year-To-Date (YTD) return decreased to 30.51 per cent.
Notable declines were recorded in shares of Guaranty Trust Holding Company, Zenith Bank, and United Bank for Africa (UBA), as well as in Dangote Sugar, Oando, and Nigerian Breweries, contributing to the overall market downturn.
The market breadth reflected a negative sentiment, with 29 stocks losing value compared to 26 gainers. Guinness led the decline, dropping 10 per cent to close at N61.20 per share, while Regency Alliance Insurance topped the gainers’ list, rising 10 per cent to finish at 54 kobo per share.
Despite the overall downturn, trading activity increased, with the total transaction value rising by 39.92 per cent compared to the previous session. A total of 719.11 million shares were exchanged, valued at N8.34 billion, across 9,435 deals, compared to the 1.31 billion shares valued at N5.96 billion traded in 10,424 deals the prior day.
WAPIC dominated the trading volume with 402.26 million shares, while Seplat led in transaction value, with deals totalling N2.25 billion.
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