NGX All-Share Index falls 0.57% as losses wipe N725bn from market value

Nigeria’s equities market recorded a sharp downturn on Tuesday as the Nigerian Exchange (NGX) All-Share Index (ASI) declined by 0.57 per cent, erasing about N725 billion from investors’ wealth.

The drop came as selling pressure intensified across the market, with 44 stocks closing in the red compared with 33 gainers at the end of the trading session.

The ASI fell by 0.57 per cent to close at 196,066.09 points, trimming the year-to-date return to 26.00 per cent. In line with the benchmark index, total market capitalisation also declined by 0.57 per cent to N125.86 trillion.

Despite the overall market decline, a number of stocks recorded gains. Prempaints, Sunuassur, Conoil, Daarcomm and Eterna Plc topped the gainers’ chart for the day. On the flip side, Mbenefit, Ftginsure, Redstarex, Austinlaz and SCOA posted the steepest losses.

Sectoral performance reflected the bearish sentiment, with most key indices closing lower. The Banking, Consumer Goods, Oil and Gas, and Industrial Goods indices dropped by 0.48 per cent, 0.29 per cent, 0.29 per cent and 0.71 per cent respectively.

However, the Insurance index recorded a marginal gain of 0.04 per cent, while the Commodity index remained unchanged.

Market activity also slowed during the session. The number of deals, traded volume and total trading value fell by 25.04 per cent, 2.57 per cent and 11.74 per cent respectively, closing at 64,829 trades, 734.5 million shares and N27.56 billion.