The Nigerian Exchange Limited (NGX) closed Tuesday’s trading session in negative territory, losing N116bn in market capitalisation as investors engaged in profit-taking across key stocks such as MTN Nigeria Communications Plc, Livestock Feeds Plc, and Multiverse Mining and Exploration Plc.
The sell-offs dragged the NGX All-Share Index (ASI) down by 0.17 per cent, settling at 97,978.02 points compared to 98,146.93 points recorded in the previous session. Consequently, the market capitalisation of listed equities fell from N66.70tn to N66.59tn.
Despite the bearish sentiment, trading activity surged. A total of 666.51 million shares were exchanged, marking a 66.01 per cent increase from the 401.52 million shares traded on Monday. The total value of transactions also witnessed a significant jump, rising by 191.08 per cent to N35.27bn from N12.11bn. These trades were executed across 16,619 deals.
Fidelity Bank Plc emerged as the most actively traded stock by volume, with 285.65 million shares changing hands. Access Holdings Plc and Transnational Corporation Plc followed with 58.34 million and 25.14 million shares, respectively. On the value chart, Nigerian Breweries Plc led with trades worth N17.33bn, followed by Fidelity Bank Plc with N3.86bn and Access Holdings Plc with N1.21bn.
In terms of sectoral performance, the Banking and Insurance indices recorded gains of 0.43 per cent and 0.13 per cent, respectively. However, the Oil and Gas index declined by 0.58 per cent, and the Consumer Goods index lost 0.07 per cent. The Industrial Goods index ended the session flat.
On the gainers’ chart, Legend Internet Technologies Plc, Cadbury Nigeria Plc, and ABC Transport Plc each appreciated by 10.00 per cent. They were closely followed by Computer Warehouse Group Plc, which gained 9.91 per cent, and Morison Industries Plc, which rose by 9.76 per cent.
Meanwhile, Livestock Feeds Plc led the losers’ chart with a 10.00 per cent decline. Multiverse Mining and Exploration Plc fell by 9.89 per cent, Royal Exchange Plc dropped 9.38 per cent, while Secure Electronic Technology Plc and Omatek Ventures Plc declined by 8.70 per cent and 8.33 per cent, respectively.
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In total, 33 stocks recorded gains, 18 declined, while 74 closed flat. Analysts attributed the market’s cautious tone to mixed investor reactions to recent corporate earnings reports and ongoing macroeconomic uncertainties.
This came after the market extended its bullish run on Monday, where gains in the shares of International Breweries, Cadbury Nigeria, and other blue-chip stocks had boosted the market capitalization by N228.48bn.
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