Nigerian equities retreated on Tuesday, erasing the prior session’s advance as the market’s total capitalisation fell by N599 billion to N158.015 trillion.
Key takeaways
- The All-Share Index dropped 927.70 points, or 0.38 per cent, to 244,802.83.
- The market’s year-to-date gain narrowed to 57.32 per cent.
- Forty listed companies declined, compared with 13 that advanced.
- Daily volume climbed 69.25 per cent to 1.56 billion shares, with turnover reaching N28.73 billion.
- Japaul Gold generated 57.89 per cent of total volume, while MTN Nigeria led trading by value at N3.25 billion.
Broad losses outweigh top performers
Market capitalisation began the session at N158.614 trillion before sliding 0.38 per cent by the close. The benchmark index moved down from Monday’s 245,730.53 points to finish at 244,802.83, a decline of 927.70 points. The setback also reduced the Nigerian Exchange’s year-to-date return to 57.32 per cent.
Trading sentiment was firmly negative, with 40 stocks ending lower and just 13 recording gains. Multiverse Mining and LivingTrust Mortgage Bank posted the steepest declines, each losing 10 per cent. Their shares closed at N22.95 and N3.42 respectively.
AVA Capital was the strongest advancer, rising 9.94 per cent to N9.95 per share. Nigeria Real Estate Investment Trust followed with a 9.71 per cent increase, ending at N113 per share.
Turnover rises despite market decline
Activity strengthened sharply during the session. Investors traded 1.56 billion shares in 54,160 transactions, while the value of deals totalled N28.73 billion. The volume figure represented a 69.25 per cent increase from the previous session.
Japaul Gold was the busiest stock by volume, with 904.42 million shares changing hands. That amount made up 57.89 per cent of all shares traded during the day.
MTN Nigeria led the market in transaction value. Its trades were worth N3.25 billion, equivalent to 11.31 per cent of total turnover.
