Nigerian stock market lost 146bps on Tuesday as sell-offs persist
- The Nigerian market market reversed gains from the previous session, as the NGX All-Share Index (ASI) declined by 1.46% to close at 142,613.47 points. This dragged the year-to-date (YTD) return down to 38.56%, from the 40.61% in the prior session. Similarly, market capitalisation fell 1.46% to N90.23trn, reflecting broad-based profit taking activities.
- The bearish session was driven by sell-offs in notable bellwether stocks, including DANGCEM (-9.88%), ZENITHBANK (-7.26%), GTCO (-2.06%), and OANDO (-7.11%), which outweighed bargain hunting in select consumer goods and insurance names: INTBREW (+6.95%), DANGSUGAR (+0.81%), and AIICO (+2.87%).
- On the sectoral performance, all major index closed in the red except Consumer Goods (+0.57%), which recorded a marginal uptick. The Industrial goods (-4.37%) led the declines, trailed by the Insurance (-3.86%), Banking (-2.06%), and Oil and Gas (-0.68%).
- Market activity was mixed, as trade volume declined by 10.39%, while transaction value rose by 9.22%. UNIVINSURE (-2.24%) topped the volume chart with 130.22 unit exchanged, whereas NB (-2.10%) led the value board with trades worth N2.13bn.
- Market breadth closed negative at 0.68x, reflecting more decliners than gainers. ENAMELWA (+9.95%) topped the twenty-five (25) gainers, while ROYALEX (-10.0%) led the thirty-seven (37) loser’s log.
NASD Summary
- In today’s NASD session, the NASD Securities Index (NSI) and market capitalisation advanced by 1.11%, closing at 3,620.09 points and N2.17trn, respectively.
- However, market activity declined sharply, with volume and transaction value down 80.54% and 56.25%, respectively.
- SDCSCSPL (+6.64%) positioned as the top gainer, while SDIGIPLC (-5.36%) led the market laggards.
