The total share value on the Nigerian Exchange (NGX) Ltd. on Tuesday dropped by N83 billion or 16.2 per cent due to selloffs in the stocks of tier one banks.

Specifically, 263.19 billion shares valued at N4.30 billion were exchanged in 8,614 deals, against 242.43 billion shares worth N5.13 billion traded in 8,715 deals transacted on Monday.

Selloffs in tier-one banks, namely Zenith Bank, Guaranty Trust Holding Company(GTCO) and the United Bank of Africa (UBA), dragged the market down.

On the activity chart, Veritas Kapital Assurance led in volume with 49.07 million shares valued at N3.91 million, followed by United Bank for Africa (UBA) with 24.34 million shares worth N587.50 million.

Fidelity Bank sold 20.08 shares worth N217.33 million, Transcorp traded 17.92 shares valued at N235.27 million, and Zenith Bank transacted 16.02 shares worth N578.15 million.

On the losers’ chart, PZ Cusson Nigeria led by 9.87 per cent to close at N25.10, followed by Morison Industries Plc by 9.84 per cent to close at N2.75 per share.

Computer Warehouse Group and ETranzact also lost 9.70 per cent each to close at N6.05, respectively, while Sovereign Trust Insurance shed 9.62 per cent to close at 47k per share.

On the other hand, Honeywell Flour led the gainers’ chart by 9.92 per cent to close at N4.32, Juli gained 9.90 per cent to close at N1.11, while Cornerstone Insurance garnered 9.88 per cent to close at N2.67.

ABC Transport rose by 9.76 per cent to close at 90k, while Veritas Kapital Assurance grew by 9.59 per cent to close at 80k.

Consequently, the All-Share Index shed 0.33 per cent or 334.62 points to close at 101,707.70, compared with 102,042.32 posted on Monday.

Investors also lost N184 billion or 0.33 per cent, as the market capitalisation closed at N55.652 trillion, as against N55.836 trillion recorded previously.

As a result, the Year-To-Date (YTD) return fell to 36.02 per cent.
Meanwhile, market breadth closed negative, with 28 declining issues outnumbering 23 advancing ones.

(NAN)