Investors lose N478 billion amid profit-taking in major stocks
The equities market closed lower on Tuesday, with investors recording a loss of N478 billion amid profit-taking in major stocks.
The decline was driven by losses in large- and mid-cap stocks, including PZ Cussons, Computer Warehouse Group (CWG), ABC Transport, Wema Bank, Sovereign Trust Insurance, and 33 other stocks.
Market capitalisation declined from an opening value of N158.697 trillion to N158.219 trillion at the close of trading.
Similarly, the All-Share Index fell by 874 points, or 0.35 per cent, to close at 246,686.66, down from 247,560.66.
Consequently, the market’s year-to-date (YtD) return moderated to 58.53 per cent, while market breadth closed negative with 38 losers and 14 gainers.
PZ Cussons and Computer Warehouse Group led the losers’ chart by 10 per cent each, settling at N88.20 and N21.60 per share, respectively.
Also, ABC Transport shed by 9.95 per cent, closing at N6.88, Wema Bank dipped by 9.09 per cent, finishing at N30, while Sovereign Trust Insurance dropped by 8.16 per cent, ending the session at N2.70 per share.
Conversely, International Energy Insurance topped the gainers’ chart by 9.86 per cent, closing at N5.46; Trans-Nationwide Express trailed by 7.14 per cent, finishing at N5.10; and Neimeth Pharmaceuticals gained by 6.80 per cent to N11 per share.
Similarly, Livingtrust Mortgage Bank advanced by 5 per cent, closing at N4.20 per share, while Abbey Mortgage Bank increased by 4.44 per cent, settling at N7.05 per share.
The market activity also witnessed an overall decline in market volume, value, and deals, as 718.8 million shares valued at N29.3 billion were exchanged across 71,683 transactions.
This is in contrast to the previous session’s 1.127 billion shares, worth N44.3 billion, that were traded in 91,880 deals.
Access Corporation led trading by volume, with 113.10 million shares exchanged, representing 10.03 per cent of the day’s total volume.
Zenith Bank emerged as the most actively traded stock by value, recording transactions worth N4.81 billion, which accounted for 10.85 per cent of the day’s total market turnover.
(NAN)
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