The Nigerian Exchange (NGX) sustained its bearish run on Tuesday, with investors losing about ₦322 billion in market value as cautious sentiment persisted across major counters. The All-Share Index dipped by 568.62 points to close at 140,929.60, representing a 0.4 per cent decline, extending losses recorded at the start of the week. Despite this downturn, the market still holds a 36.92 per cent year-to-date gain.
Trading data showed a mixed performance in activity levels. A total of 759.06 million shares worth ₦25.72 billion exchanged hands in 23,639 deals, marking a 55 per cent jump in volume and an 88 per cent increase in turnover compared with Monday’s session. However, the number of deals fell 17 per cent, reflecting more selective participation by investors as they reassessed risk in a volatile environment.
Out of the 128 equities traded, only 16 stocks gained, while 35 closed lower. Thomas Wyatt Nigeria topped the gainers’ chart, rising 9.8 per cent to ₦2.80 per share, followed by Chellarams up 9.59 per cent to ₦16.00. RT Briscoe added 9.5 per cent to close at ₦3.92, while Custodian & Allied gained 9.4 per cent to ₦48.30 per share, providing some support for the otherwise weak market.
On the downside, Dangote Sugar Refinery led the losers with a 10 per cent plunge to ₦54.00 per share, while Wema Bank dropped 8.27 per cent to ₦18.85. Secure Electronic Technology slipped 6.25 per cent to ₦0.75, Access Holdings lost 4.98 per cent to ₦24.80, and Aradel Holdings declined 4.76 per cent to ₦560.00, underscoring sustained sell pressure across consumer and industrial goods stocks.
In terms of volume, Consolidated Hallmark Holdings led the activity chart with 170 million shares, followed by Zenith Bank with 104 million shares. First HoldCo and Fidelity Bank recorded 101 million and 52.5 million shares, respectively. By value, Zenith Bank topped the chart at ₦6.91 billion, trailed by GTCO at ₦4.12 billion, First HoldCo at ₦3.15 billion, MTN Nigeria at ₦1.61 billion, and Presco at ₦1.24 billion. Analysts say the declines in key indices, including the Top 30, Main Board, and Industrial indices, reflect heightened caution among investors as inflationary pressures and sectoral headwinds weigh on sentiment.
source: punch