The Nigerian Exchange (NGX) suffered a significant decline on Tuesday, losing about N266 billion in market value as investors took profits from stocks like BUA Cement and Wema Bank. This comes after data showed that Nigeria’s inflation rate slightly decreased to 23.18% in February.
The All-Share Index (ASI) dropped by 423.48 points (-0.40%), closing at 105,375.69. The decline was driven by sell-offs in key stocks, including BUA Cement, United Bank for Africa (UBA), and First Bank Holdings.
Trading activity was mixed:
- The total volume of shares traded dropped by 26.71%.
- The total value of transactions increased by 16.62%.
Top traded stocks included:
- Access Bank (ACCESSCORP) – Led in trading volume, accounting for 10.51% of all transactions.
- Zenith Bank (ZENITHBANK) – The most traded stock in value, making up 11.32% of total trades.
Gainers and Losers:
- Top gainers: Neimeth (+10%), NNFM (+9.99%), Custodian (+9.69%), and Sunu Assurance (+7.99%).
- Top losers: BUA Cement (-10%), Ellah Lakes (-4.82%), Wema Bank (-4.19%), and First Bank Holdings (-2.28%).
Sector Performance:
- The Industrial sector fell by 3.39%.
- The Banking sector declined by 0.70%.
- The Oil & Gas sector dropped by 0.06%.
- The Insurance sector gained 1.11%.
- The Consumer Goods sector rose by 0.17%.
By the end of the trading day, the market capitalization stood at N66.08 trillion, reflecting a 0.40% decline.
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