The growth recorded by the Nigerian Exchange (NGX) Limited on Monday was reversed on Tuesday by 1.46 per cent due to renewed selling pressure.
During the session, profit-taking was dominant, with the industrial goods index down by 4.37 per cent. Further, the insurance space retreated by 3.86 per cent, the banking sector went down by 2.06 per cent, and the energy counter shrank by 0.68 per cent, while the consumer goods industry appreciated by 0.57 per cent.
As a result, the All-Share Index (ASI) contracted by 2,109.00 points to 142,613.47 points from 144,722.47 points and the market capitalisation moderated by N1.334 trillion to N90.227 trillion from the N91.561 trillion it ended on Monday.
From analysis of the NGX data, the market breadth index was negative yesterday as the bourse finished with 39 price losers and 26 price gainers, implying weak investor sentiment.
Royal Exchange topped the losers’ chart after it lost 10.00 per cent to trade at N2.52, Dangote Cement depreciated by 9.88 per cent to N520.00, RT Briscoe shrank by 9.87 per cent to N3.56, Jaiz Bank slipped by 9.87 per cent to N4.32, and Lasaco Assurance slumped by 9.77 per cent to N3.60.
On top of the gainers’ table was Nigerian Enamelware with a price appreciation of 9.95 per cent to trade at N35.90, DAAR Communications grew by 9.82 per cent to N1.23, Deap Capital expanded by 9.60 per cent to N1.94, Academy Press improved by 8.43 per cent to N9.00, and International Breweries gained 6.95 per cent to settle at N13.85.
The most active equity yesterday was Universal Insurance with the sale of 130.2 million units valued at N173.7 million, AIICO Insurance traded 100.1 million units worth N437.6 million, Mutual Benefits transacted 68.5 million units for N310.7 million, Prestige Assurance sold 66.9 million units for N135.4 million, and Regency Alliance exchanged 46.1 million units worth N69.3 million.
At the close of trades, a total of 1.0 billion stocks valued at N17.7 billion exchanged hands in 34,352 deals on Tuesday compared with the 1.2 billion stocks worth N16.2 billion traded in 38,160 deals on Monday, representing a decline in the trading volume and number of deals by 16.67 per cent and 9.98 per cent apiece and a rise in the trading value by 9.26 per cent.