Stock market reverses gain, loses N469 billion
After a day of bullish trading, the Nigerian equities market reversed its gains, losing N469 billion at the close of trading on Tuesday.
Profit-taking in Sovereign Trust Insurance, Unilever Nigeria, Neimeth International Pharmaceuticals, University Press, International Breweries and 27 other stocks dragged the market into negative terrain.
Specifically, market capitalisation fell from the previous day’s record of N163.999 trillion to N163.530 trillion, a loss of 0.29 per cent, or N469 billion.
Similarly, the All-Share Index (ASI) fell by 721.91 points, or 0.29 per cent, from 252,635.11 to 251,913.20.
The decline reduced the market’s year-to-date return to 61.88 per cent while market breadth closed negative, with 32 decliners and 27 advancers.
Sovereign Trust Insurance led the decliners, shedding 9.92 per cent to close at N2.36 per share.
Unilever Nigeria followed with an 8.55 per cent decline to N100.50, while Neimeth International Pharmaceutical fell by 6.02 per cent to N7.80 per share.
University Press also dropped by six per cent to N4.70, while International Breweries declined by 5.45 per cent to N9.55 per share.
Conversely, NPF Microfinance Bank and Livingtrust Mortgage Bank topped the gainers’ chart, each appreciating by 10 per cent to close at N4.40 and N2.86 per share, respectively.
WAPIC rose by 9.95 per cent to N2.43, while VFD Group gained 9.84 per cent to N13.40 per share.
ABC Transport also appreciated by 9.82 per cent, closing at N6.15 per share.
Trading activity declined during the session, as total volume fell by 46.46 per cent to 548.67 million shares, valued at N34.30 billion in 47,301 deals.
GTCO led trading by volume and value, with 88.73 million shares worth N11.73 billion changing hands, representing 16.17 per cent and 34.20 per cent of the total volume and value, respectively.
(NAN)
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