On Tuesday, the Nigerian Exchange Ltd. (NGX) experienced a decline in market capitalization due to sell-offs in MTN Nigeria and Tier-one banking stocks, shedding 0.12 percent or N70 billion. The market capitalization, which opened at N56.146 trillion, closed at N56.076 trillion.
The All-Share Index also saw a decrease of 0.12 percent, dropping 122 points to close at 97,584.81, down from 97,706.70 reported on Monday. This decline has contributed to a Year-To-Date (YTD) return decrease of 30.51 percent.
Major losses were recorded in stocks such as Guaranty Trust Holding Company, Zenith Bank, United Bank for Africa (UBA), Dangote Sugar, Oando, and Nigerian Breweries, which collectively impacted market performance. The market breadth closed negative, with 29 losers compared to 26 gainers.
Guinness led the losers’ chart with a 10 percent decline, closing at N61.20 per share. In contrast, Regency Alliance Insurance topped the gainers’ list, also with a 10 percent increase, closing at 54k per share.
Despite the overall market decline, trading activity showed a higher turnover relative to the previous session, with the value of transactions increasing by 39.92 percent. A total of 719.11 million shares valued at N8.34 billion were exchanged in 9,435 deals, compared to 1.31 billion shares valued at N5.96 billion traded in the previous session.
WAPIC led in trading volume with 402.26 million shares, while Seplat topped the value chart with deals worth N2.25 billion.