The equities market section of the Nigerian Exchange Limited (NGX) on Tuesday extended its downward trajectory with the overall capitalisation declining by N612 billion as investors continue to lock in gains from recent highs.
The NGX All Share Index (ASI) lost by 1,109.50 basis points or 0.10 per cent to close at 152,629.61 basi points. Also, market capitalisation shed N612 billion to close at N 96.971 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, NASCON Allied Industries, Skyway Aviation Handling Company, Oando and Guaranty Trust Holding Company (GTCO).
On market outlook, Afrinvest Limited said, “we expect the bearish momentum to extend into tomorrow’s trading, pressured by weak investor confidence and limited upside triggers.”
Market sentiment remained distinctly bearish, with 40 losers significantly outpacing 17 gainers. Eunisell Interlinked recorded the highest price gain of 10 per cent to close at N64.90, per share. SUNU Assurance followed with a gain of 9.98 per cent to close at N4.96, while Honeywell Flour Mills went up by 9.72 per cent to close at N19.75, per share.
Livestock Feeds rose by 7.25 per cent to close at N7.40, while The Initiates Plc (TIP) up by 4.17 per cent to close at N12.50, per share.
On the other hand, NASCON Allied Industries and Skyway Aviation Handling Company led the losers’ chart by 10 per cent each to close at N99.00 and N89.55 respectively, while Oando followed with a decline of 9.99 per cent to close at N43.25, per share.
UPDC depreciated by 9.92 per cent to close at N5.54, while Learn Africa declined by 9.86 per cent to close at N5.85, per share.
Meanwhile, the total volume traded rose by 8.99 per cent to 683.921 million units, valued at N20.375 billion, and exchanged in 33,288 deals. Transactions in the shares of ASO Savings & Loans topped the activity chart with 111.950 million shares valued at N115.217 million. FCMB Group followed with 110.103 million shares worth N1.135 billion, while Fidelity Bank traded 55.136 million shares valued at N1.047 billion
Zenith Bank traded 38.276 million shares valued at N2.378 billion, while First Holdco sold 29.829 million shares worth N929.393 million.