Trading results on Tuesday showed that the Nigerian Exchange (NGX) fell by more than N171 billion as a result of selloffs at Zenith Bank and Nestle Nigeria plc.
The market ended trading on a negative note, continuing its run of six straight trading days of losses. Profit-taking actions caused key performance indicators to decline by -0.31%; the banking index was largely responsible for this decline.
According to data from the Nigerian Exchange, the All-Share Index closed at 97,830.65, down -0.31% or 301.50 basis points. Stockbrokers reported that sell-offs in certain medium- and large-cap equities had contributed to the market’s ongoing downward trend. Nestle, UBA, FTNCOCOA, Zenith Bank, and other companies are among today’s decliners.
However, market activities ended on a mixed note, stockbrokers said in an emailed note to investors. Total volume traded for the day increased by +5.34%, while total value traded dropped by -8.11%.
Atlass Portfolios Limited told investors in a note that approximately 399.39 million units valued at ₦8,000.96 million were transacted across 10,447 deals.
ZENITHBANK was the most traded stock in terms of volume, accounting for 11.09% of the total volume of trades. The bank was followed by PRESTIGE (8.93%), UBA (6.84%), VERITASKAP (6.43%), and UCAP (5.75%)
Due to its large market cap, ZENITHBANK also emerged as the most traded stock in value terms, with 18.88% of the total value of trades on the exchange.
ABCTRANS topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by OANDO, which popped up by +9.84%.
Other gainers include IKEJAHOTEL (+9.70%), RTBRISCOE (+9.59%), PRESCO (+7.83%), ETERNA (+6.74%), and twelve others. Thirty-seven stocks depreciated, according to data from the local bourse.
UCAP was the top loser, with a price depreciation of -9.92%. Other losers include NESTLE (-9.78%), AFRIPRUD (-9.57%), STERLINGNG (-7.50%), UBA (-5.26%), and GUINNESS (-4.72%).
Zenith Bank lost 2.03% of its market value after notice of public offer and rights issue. At the end of the trading session, the market breadth closed negative, recording 18 gainers and 37 losers. The sectoral performance was also negative, as three of the five major market sectors went down.
The consumer goods sector declined by -2.08%, followed by the Banking sector, which dipped by 1.73%, while the Insurance sector lost -0.82%. However, the Oil & Gas sector grew by +0.35%.
Overall, the equities market capitalization of the Nigerian Exchange lost ₦171.18 billion, representing a drop of -0.31%, to close at ₦55.55 trillion on Tuesday ahead of the national protest.
