NGX market reverses gains, loses N1.17trn on sell-offs
Nigerian Exchange Ltd. Market Experiences Setback Amid Sell-Offs
The Nigerian Exchange Ltd. (NGX) equities market on Tuesday ended a four-session streak of gains, witnessing a loss of N1.166 trillion in market capitalization as sell-offs affected key stocks.
Market capitalization decreased by 0.73% from N160.421 trillion to N159.255 trillion. The All-Share Index (ASI) fell by 1,806.18 points, closing at 246,723.57. The year-to-date return for the market dropped to 58.55%, despite a positive breadth that showed 28 gainers compared to 27 losers.
Thomas Wyatt Nigeria led the losses, dropping by 9.97% to a closing price of N2.89. AVA Capital followed closely, declining by 9.60% to N8.95. Other notable losses included International Energy Insurance, which fell by 6.32% to N4; International Breweries, which dropped 5.98% to N11; and Guinea Insurance, which declined 5.13% to 74 kobo.
On the gainers’ side, UPDCREIT recorded the highest increase with a rise of 10% to close at N14.85. FTN Cocoa Processors also saw a significant increase, gaining 9.88% to settle at N8.90. C&I Leasing climbed 8.26% to N5.90, Sovereign Trust Insurance rose 6.74% to N1.90, and Regency Alliance Insurance advanced 6.33% to 84 kobo.
Trading volume surged significantly, reaching 3.909 billion shares valued at N32.38 billion across 45,608 transactions. This was an increase from the previous day, which recorded 1.137 billion shares worth N27.02 billion exchanged in 59,185 deals.
Fortis Global Insurance was the day’s most active stock, accounting for 3.29 billion shares valued at N9.58 billion, representing 84.22% of the total trading volume and 29.57% of the total value traded.
