The Nigerian equities market experienced a downturn on Tuesday, as sustained negative sentiment pushed the All-Share Index (ASI) down by 0.33% to close at 146,938.86 points. The decline erased approximately N310.87 billion from market capitalization, which now stands at N93.66 trillion, highlighting ongoing market volatility despite a sharp increase in trading activity.
Investor confidence remained weak, reflected in a market breadth of 0.65x, with 31 declining stocks outnumbering 22 gainers. Notable risers included Learn Africa Plc, which gained 9.57% to N0.55 per share, Mecure Industries Plc up 8.72% to N2.60, and DEAP Capital Management and Trust Plc, which rose 7.92% to N0.12 per share. Other gainers included International Energy Insurance Plc and RT Briscoe Nigeria Plc, which advanced 6.52% and 5.96%, respectively.
On the flip side, some major stocks recorded significant losses. Austin Laz and Company Plc and Eterna Plc both fell 10% to N2.07 and N32.00 per share, respectively. Transcorp Hotels Plc dropped 9.95% to N155.00, while Ikeja Hotel Plc and UAC of Nigeria Plc declined 9.65% and 9.09%, reflecting a broadly bearish trading environment.
Sectoral performance also revealed widespread softness. The NGX Insurance Index posted the steepest loss at 1.53%, while the NGX Consumer Goods Index fell 0.49%. Industrial and Banking indices slipped 0.06% each, while Oil and Gas managed a slight recovery of 0.08%, and the Consumer Goods Index closed flat.
Despite the negative close, trading activity surged sharply. Transaction volume jumped 258.34% to 1.97 billion units, and trade value rose 118.18% to N30.23 billion, even as total deals fell 23.44% to 23,038. ETranzact International Plc led market activity with 1.02 billion units traded, followed by Access Holdings Plc, Cornerstone Insurance Plc, Continental Holdings Plc, and FCMB Group Plc. Analysts note that the market remains cautiously positioned ahead of year-end adjustments, despite a strong 42.76% year-to-date gain.
source: The Sun