NGX lost ₦1.17tn as Nigerian Stock Market ended four-day winning streak.
NewsOnline Nigeria reports that the Nigerian equities market ended its four-session bullish run on Tuesday as sell-offs in key stocks wiped approximately ₦1.166 trillion from investors’ portfolios.
Market capitalisation at the Nigerian Exchange Limited declined by 0.73 per cent, falling from ₦160.421 trillion to ₦159.255 trillion.
The NGX All-Share Index also dropped by 1,806.18 points to close at 246,723.57.
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Following the decline, the market’s year-to-date return moderated to 58.55 per cent.
Despite the overall loss, market breadth remained marginally positive, with 28 gainers recorded against 27 losers. The difference indicates that losses in some highly capitalised stocks outweighed gains across a slightly larger number of companies.
Thomas Wyatt Nigeria led the losers’ table after falling by 9.97 per cent to close at ₦2.89 per share.
AVA Capital followed with a 9.60 per cent decline to ₦8.95, while International Energy Insurance lost 6.32 per cent to finish at ₦4.
International Breweries dropped by 5.98 per cent to ₦11, while Guinea Insurance declined by 5.13 per cent to close at 74 kobo.
On the gainers’ chart, UPDC Real Estate Investment Trust led with a 10 per cent increase to ₦14.85.
FTN Cocoa Processors appreciated by 9.88 per cent to ₦8.90, while C&I Leasing gained 8.26 per cent to close at ₦5.90.
Sovereign Trust Insurance advanced by 6.74 per cent to ₦1.90, while Regency Alliance Insurance rose by 6.33 per cent to 84 kobo.
Market activity increased significantly as investors traded 3.909 billion shares valued at ₦32.38 billion across 45,608 transactions.
This compared with the 1.137 billion shares worth ₦27.02 billion exchanged in 59,185 deals during the previous trading session.
Although the number of deals declined, trading volume rose sharply by approximately 244 per cent, while the value of transactions increased by about 20 per cent.
Fortis Global Insurance dominated market activity, accounting for 3.29 billion shares valued at ₦9.58 billion.
The insurer represented 84.22 per cent of the total trading volume and 29.57 per cent of the market’s total transaction value.
The unusually high volume recorded in Fortis Global Insurance was the main driver of Tuesday’s surge in overall market turnover.
