The Nigerian Exchange (NGX) Limited further depreciated by 0.67 per cent on Tuesday, with investors maintaining their stance to minimise their exposure to equities for low-risk asset classes like bonds and treasury bills, which would be sold on Wednesday by the Central Bank of Nigeria (CBN) at the primary market.
Traders are already selling off shares that witnessed price appreciation in the past few weeks, especially those in the insurance sector. Its index was down by 2.23 per cent at the close of transactions.
Further, the industrial goods space crashed by 1.47 per cent, the consumer goods index declined by 1.35 per cent, and the banking counter lost 0.63 per cent, while the energy sector gained 0.10 per cent, with the commodity closing flat.
When the market ended for business on Tuesday, the All-Share Index (ASI) came down by 984.55 points to 138,737.64 points from 139,722.19 points and the market capitalisation retreated by N623 billion to N87.784 trillion from N88.407 trillion.
Business Post reports that Customs Street finished with 11 price gainers and 48 price losers, representing a negative market breadth index and weak investor sentiment.
The quartet of Prestige Assurance, Consolidated Hallmark, AIICO Insurance, and Wema Bank slipped by 10.00 per cent each to quote at N1.62, N3.87, N3.42, and N20.70, respectively, and Ellah Lakes fell by 9.93 per cent to N11.43.
Conversely, NCR Nigeria gained 9.96 per cent to finish at N12.70, Austin Laz appreciated by 9.66 per cent to N3.18, Tantalizers grew by 6.09 per cent to N2.44, Multiverse jumped by 5.50 per cent to N11.50, and AXA Mansard soared by 2.44 per cent to N15.98.
During the session, traders bought and sold 407.6 million stocks for N39.9 billion in 31,406 deals compared with the 408.0 million stocks worth N14.8 billion traded in 33,859 deals a day earlier, showing a rise in the trading value by 169.6 per cent and a shortfall in the trading volume and number of deals by 0.10 per cent and 7.25 per cent apiece.
GTCO was the most active equity for the trading session with 32.6 million units sold for N3.0 billion, Access Holdings exchanged 29.8 million units valued at N775.3 million, AIICO Insurance transacted 21.8 million units worth N76.6 million, Ellah Lakes traded 20.5 million units valued at N235.9 million, and Sovereign Trust Insurance sold 20.4 million units worth N56.5 million.