“On Tuesday, equities trading at the Nigerian Exchange Limited (NGX) was unimpressive as the market erased most of the previous day’s gains, leaving the benchmark index lower by 0.49 per cent to close at 51,448.53 basis points.”
On Tuesday, equities trading at the Nigerian Exchange Limited (NGX) was unimpressive as the market erased most of the previous day’s gains, leaving the benchmark index lower by 0.49 per cent to close at 51,448.53 basis points.
The bearish outing was primarily driven by the decline in telco heavyweight, Airtel Africa as investors book profits leaving its share price lower by 4.29 per cent.
Hence, the year-to-date gain of the NGX All Share Index (ASI) dropped to 0.38 per cent.
Equities investors, therefore, lose N137.17 billion from their investments as the market capitalization settled at N28.02 trillion at the end of the day’s trading activities.
Market breadth closed positive with advancing issues outnumbering declining ones. On the performance board, Mutual Benefit led 15 others on the gainer’s table after its share price appreciated by 7.14 per cent, while NEM Insurance topped 12 others on the laggard’s log as the share prices depreciated by 10.0 per cent.
Sectoral analyses indicated that the NGX Insurance Index took the most hit, dropping by 1.75 per cent on declines in shares of NEM Insurance and Cornerstone Insurance.
Similarly, the NGX Consumer Goods Index waned by 0.23 per cent, driven by losses in Champions Breweries and Honeywell Flour Mills stocks.
On the positive side, the NGX Banking and Industrial indexes climbed by 0.07 per cent and 1.54 per cent, respectively, as investors increased their holdings in Dangote Cement, Wema Bank, FCMB Group and Zenith Bank as the share prices of these companies appreciated by 3.05 per cent, 1.96 per cent, 0.27 per cent and 0.21 per cent.
The NGX Oil/Gas Index held steady from the previous day.
However, market activities showed trade turnover settled higher relative to the previous session with the value of transactions up by 182.12 per cent.
A total of 337.27 million shares valued at N8.20 billion were exchanged in 4,184 deals.
FBN Holdings led the volume chart with 151.39 million units traded while BUA Cement led the value chart in deals worth N2.92 billion.
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