Bears dominate as equities market sheds N596bn
The local equity market on Tuesday remained on negative trajectory, declining by N596 billion, as selloffs continued in some heavyweight and mid-tier stocks across multiple sectors
Market capitalisation of listed equities depreciated by 0.67 per cent to N87.810 trillion from N88.406 trillion reported the previous day
The NGX All Share Index also decreased by 941.64 basis points to 138780.55 units from 139722.19 points recorded on Monday.
The downturn was driven by a wave of selloffs across key sectors of the market, with such as, AIICO Insurance, EllahLakes, Accesscorp Prestige insurance and others
In total, 32 equities ended the session in the red, compared to 15 gainers, reflecting a broadly negative investor sentiment.
As a result, year to date return declined to 34.83 per cent.
Volume of shares traded declined by 3.438 million, representing 0.84 percent as investors exchanged 404.537 million against 497.975 million traded on the previous day. Valued of transactions rise by 169.1 per cent to settle at N39.762 billion.
A review of trading during the day showed that NCR led gainers table with 9.96 per cent to close at N12.70 per unit, AustinLaz followed with a gain of 9.66 per cent to close at N3.18 per share, Tantalizer added 6.09 per cent to close at N2.44 per share, Multiverse gained 5.5 per cent to close at N11.50 per unit.
On the contrary, Prestige insurance, Conhall and AIICO Insurance topped losers’ chart with 10 per cent each, to close at N1.62, N3.87 and N3.42 per unit respectively. AIICO Insurance trailed with a loss of 9.93 per cent to close at N11.43 per share, PZ Cusson sheds 9.89 per cent to close at N33.25 per share.
