Stock market reverses gains as investors lose N1.17 trillion amid sell-offs
The Nigerian Exchange Limited (NGX) equities market on Tuesday reversed its four-session bullish run, losing N1.166 trillion in market capitalisation amid sell-offs in key stocks.
Market capitalisation fell by 0.73 per cent from N160.421 trillion to N159.255 trillion, while the All-Share Index (ASI) shed 1,806.18 points to close at 246,723.57.
The market’s year-to-date return also declined to 58.55 per cent, despite the positive breadth, which recorded 28 gainers against 27 losers.
Thomas Wyatt Nigeria led the losers, declining 9.97 per cent to close at N2.89, followed by AVA Capital, which fell 9.60 per cent to N8.95.
International Energy Insurance dropped 6.32 per cent to N4, while International Breweries shed 5.98 per cent to close at N11 and Guinea Insurance declined 5.13 per cent to 74k.
On the gainers’ chart, UPDCREIT led with 10 per cent to close at N14.85, followed by FTN Cocoa Processors, which rose 9.88 per cent to N8.90.
C&I Leasing gained 8.26 per cent to N5.90, while Sovereign Trust Insurance advanced 6.74 per cent to N1.90 and Regency Alliance Insurance rose 6.33 per cent to 84k.
Trading volume surged to 3.909 billion shares valued at N32.38 billion in 45,608 deals, compared with 1.137 billion shares worth N27.02 billion exchanged in 59,185 deals on Monday.
Fortis Global Insurance dominated trading, accounting for 3.29 billion shares worth N9.58 billion, representing 84.22 per cent of total volume and 29.57 per cent of total value traded.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
My statement was misinterpreted; I told APC supporters to kill Accord Party members with votes: FadahunsiÂ
Mr Fadahunsi said the viral video was deliberately edited to distort his statement.
Economy
TUC backs private sector equity in refineries, rejects outright sale
Mr Osifo said the government should reduce its equity to 49 per cent and allow credible private investors with technical expertise to hold the remaining 51 per cent.
Africa
Obasanjo urges Africa to develop its own democracy model
He said the democratic model adopted by African countries lacked sufficient African context and often failed to meet the continent’s needs.
Economy
Stock market reverses gains as investors lose N1.17 trillion amid sell-offs
Market capitalisation fell by 0.73 per cent from N160.421 trillion to N159.255 trillion, while the All-Share Index (ASI) shed 1,806.18 points to close at 246,723.57.
States
FG to strengthen health security in South-East
The federal government pledged to support states, especially those in the South-East, to strengthen health security.
States
Gov. Sule appoints five new permanent secretaries
The head of service said the appointees would be sworn in on a date to be announced later.
