Equity market sustains decline with N730bn loss.
The Nigerian equity market experienced a second consecutive day of losses this week, shedding N730 billion on Tuesday.
The previous day, market giants like Dangote Cement and MTN Nigeria had contributed to a significant loss of N1.82 trillion.
On Tuesday, the benchmark index, the All-Share Index, and the market cap declined by 1.30 percent to 101,060.67 points and N55.298 trillion, respectively.
The year-to-date return for the market also decreased further to 35.16 percent from 36.94 percent the previous day.
The bearish trend was driven by sell-offs observed in medium to penny stocks.
The bearish trend was driven by sell-offs observed in medium to penny stocks.
By the end of trading, eight equities registered gains while 43 experienced losses.
The top gainers included stocks of Juli Plc, Eterna Plc, and VeritasKap, which saw increases of 9.94 percent, 6.17 percent, and 5.97 percent, respectively, closing at N1.77, N17.20, and N0.71.
Leading the losers’ chart was Honeywell Flour Mills.
Leading the losers’ chart was Honeywell Flour Mills, which experienced a 10 percent decline, closing at N3.60. BUA Cement also saw a significant drop of 9.98 percent, closing at N142.95, while PZ Cussons, reporting negative asset value in its half-year report, dipped by 9.75 percent to N27.30.
Trading activity declined further, with total deals, volume, and value recording significant decreases. Total deals fell by 9.34 percent to 8,783 trades, while total volume and value decreased by 6.46 percent and 10.90 percent to 256.16 million units and N6.63 billion, respectively. The number of stocks traded on Tuesday closed at 118.
Four out of the five sectoral sub-indexes closed in the red zone, with the Oil & Gas sector being the sole gainer for the day, driven by Eterna Plc.
The volume and value drivers of the market trend for the day were United Bank for Africa, Geregu Power, and Transcorp Plc. Transcorp emerged as the most traded security in terms of volume, with 39.75 million units changing hands in 640 trades, while Geregu Power led in terms of value, totaling N1.11 billion.
