The Nigerian Exchange Limited (NGX) suffered a significant blow on Tuesday, losing N183 billion in market value as bearish sentiment continued to drag down key market indices. The All-Share Index fell by 348.61 points (0.3 per cent), closing at 114,910.16. Market capitalisation dropped from N72.7 trillion to N72.5 trillion, with losses primarily driven by declines in major blue-chip stocks.
Despite the negative overall mood, trading activity saw a modest boost. The day’s session recorded 787.3 million shares exchanged across 23,170 deals, amounting to N25.67 billion in turnover. These figures represent a 9 per cent rise in trading volume, a 17 per cent increase in turnover, and a 5 per cent growth in deal numbers compared to the previous session.
Among the 128 listed stocks that participated, 29 recorded gains while 35 declined. C and I Leasing, Learn Africa, and Mutual Benefits Assurance led the gainers with a 10 per cent rise each. Other notable risers included University Press, Deap Capital, and LivingTrust Mortgage Bank, which all posted strong percentage gains.
On the losing end, Transcorp Power dropped nearly 10 per cent to top the losers’ chart. Oando, Ellah Lakes, and Omatek Ventures also posted steep losses, alongside Custodian Investment and Sterling Financial Holdings. In terms of volume, Zenith Bank led with 96.2 million shares traded, followed by GTCO, UBA, and Access Holdings.
Sectoral performance was mixed. While the Banking and Top 30 indices slipped by 0.2 percent and 0.28 percent respectively, the Pension and Insurance indices saw gains, rising 0.43 percent and 0.4 percent. Despite the day’s losses, the NGX remains in positive territory year-to-date, with an 11.64 percent return, bolstered by recent broader market trends.
Source: Punch