Copyright bizwatchnigeria
The Nigerian Exchange (NGX) closed on a bearish note on Tuesday as widespread profit-taking wiped off ₦91 billion from investors’ wealth, reflecting persistent weak sentiment in the equities market. The overall market capitalisation of listed equities fell from ₦98.698 trillion to ₦98.607 trillion, representing a 0.09% decline. Similarly, the All-Share Index (ASI) dipped by 132.95 points to close at 155,363.20, compared to 155,496.15 points recorded on Monday. The downturn was mainly attributed to sell-offs in McNicholas, Lasaco Assurance, Livestock Feeds, John Holt, Ikeja Hotel, and 31 other declining stocks, which dragged the market further into negative territory. Market breadth remained negative, with 36 laggards outpacing 30 advancers. McNicholas led the losers’ chart with an 8.81% dip to close at ₦3 per share, followed by Lasaco Assurance, which declined by 8.62% to ₦2.65. Livestock Feeds and John Holt both shed 7.69%, closing at ₦7.20 and ₦6 respectively, while Ikeja Hotel lost 7.32% to settle at ₦19. Conversely, Sovereign Trust Insurance topped the gainers’ chart, appreciating by 9.88% to ₦4.45, while Aso Savings rose by 9.72% to ₦0.79. Berger Paints increased by 9.25% to ₦42.50, Wapic Insurance climbed 6.90% to ₦3.10, and AIICO Insurance gained 6.13% to ₦3.98. Despite improved turnover, trading activity was subdued as deals fell short of the previous session’s volume. Investors traded 525.4 million shares valued at ₦25.4 billion in 32,430 deals, compared to 503 million shares worth ₦24.9 billion across 39,972 deals on Monday. Sovereign Trust Insurance emerged as the most actively traded stock, accounting for 42.6 million shares valued at ₦187.3 million. Fidelity Bank followed with 41.9 million shares worth ₦797.2 million, while FBN Holdings exchanged 37.7 million shares worth ₦1.19 billion. Zenith Bank and Stanbic IBTC also saw heavy trades, with 28.1 million shares worth ₦1.8 billion and 27.5 million shares valued at ₦3.03 billion respectively.
