Persistent profit-taking took the Nigerian Exchange (NGX) Limited 0.24 percent lower on Tuesday as investors sold shares that had appreciated in price during the recovery period.
Yesterday, traders dumped some stocks in the banking and consumer goods sectors, resulting in the bearish result reported by the market at the close of trading.
The All-Share Index (ASI) contracted 113.48 points during the session to close at 47,322.97 compared to 47,436.45 the previous day, while the market capitalization decreased by 61 billion naira to rank at 25.776 trillion naira from 25.837 trillion naira on Monday. .
The banking index fell 2.14 percent yesterday, the consumer goods counter fell 0.99 percent, while the insurance and industrial goods sectors appreciated 0.16 percent and 0.12 percent. each, with the energy index closing unchanged.
Neimeth’s share price posted the biggest loss on Tuesday as it fell 7.97 per cent to trade at N1.27, followed by Nigerian Breweries which fell 7.66 per cent to N45.20. Caverton lost 5.68 per cent to close at 83 Kobo, Ecobank depreciated 5.16 per cent to N10.10, while Union Bank sold out 4.58 per cent to N6.25.
On the other hand, Chams appreciated 9.09% to 24 Kobo, Coronation Insurance increased 6.06% to 35 Kobo, NPF Microfinance Bank increased 5.33% to N1.58, Jaiz Bank improved 3.66% to 85 Kobo, and FCMB grew 3.08 percent to N3.35.
trade publication reports that at the close of business, the stock market posted 14 losses and 13 gains, indicating negative market breadth and weak investor sentiment.
On Tuesday, investors traded 121.0 million shares worth Naira 1.7 billion in 3,022 deals compared to 279.3 million shares worth Naira 1.6 billion in 3,781 deals, signaling an increase in the commercial value of 6.25 percent, a decrease in the commercial volume of 56.68 percent, and a drop in the number of operations of 20.07 percent.
Transcorp ended the day as the most active stock after trading 34.6 million units, Access Holdings traded 11.2 million units, Zenith Bank traded 9.3 million, FBN Holdings sold 8.7 million units and GTCO traded 8. .5 million units.