On Tuesday, equities trading at the Nigerian Exchange Limited (NGX) continued its descent as bears dominated the Lagos bourse on Tuesday, leaving the benchmark index lower by 0.24 per cent to close at 97,473.98 basis points.
Basically, sell pressures in blue-chip Zenith Bank, First Bank of Nigeria Holdings and United Bank for Africa were the primary drivers of the drag on the overall market’s performance having dipped on share value by 0.86 per cent, 2.00 per cent and 2.34 per cent, respectively.
Consequently, the year-to-date (YTD) dipped to 30.36 per cent.
The market capitalization also declined by 0.24 per cent to settle at N55.13 trillion, leaving equities investors with a cumulative loss of N132.65 billion.
However, market breadth closed positive with advancing issues outnumbering the declining ones.
On the performance board, Learn Africa topped 20 others on the leader’s table while Dangote Sugar led 17 others on the laggard’s log.
Share prices of Dangote Sugar, PZ, The Initiates, NEM Insurance and Caverton Support dwindled by -10.00 per cent, -10.00 per cent, -10.00 per cent, -9.66 per cent, and -9.55 per cent, respectively, thereby contributing to the market downturn.
Sectoral performance mirrored the market’s bearish sentiment, as evidenced by declines of 1.02 per cent, 1.09 per cent, and 0.81 per cent in the Banking, Insurance, and Consumer Goods indices, respectively. However, the Industrial Goods index saw a marginal rise of 0.02 per cent, while the Oil/Gas sector remained stable from the previous session.
In the same manner as the overall sentiment, trading activity suffered massive declines, with the total deals, volume and value plummeting by 7.62 per cent, 30.18 per cent, and 48.90 per cent, to 7,951 deals, 306.60 million units, and N5.81 billion, respectively.
As trading concluded, Access Holdings emerged as the most traded security in terms of volume, with 33.23 million units transacted in 746 trades, while Guaranty Trust Holding Company led in traded value, amounting to N1.36 billion.
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