By Seun Ibiyemi
Investors on the Nigerian Exchange Ltd. (NGX) suffered losses amounting to N782 billion on Tuesday as the stock market extended its bearish run for a third consecutive trading session amid widespread profit-taking across major sectors.
The downturn was driven by sell-offs in insurance, banking, consumer goods, industrial and technology stocks, resulting in a 0.50 per cent decline in market capitalisation.
Market data showed that the NGX market capitalisation dropped from N155.985 trillion recorded in the previous session to N155.203 trillion.
Similarly, the benchmark All-Share Index (ASI) shed 1,219.93 points, or 0.50 per cent, to close at 241,984.80, compared with 243,204.73 posted on Monday.
As a result, the market’s year-to-date return moderated to 55.50 per cent.
Investor sentiment remained weak, with market breadth closing negative as 37 stocks recorded losses against 20 gainers.
Among the decliners, Vitafoam Nigeria Plc and International Energy Insurance Plc led the losers’ chart after both fell by 10 per cent to close at N189 and N5.76 per share respectively.
Also on the downside, Austin Laz & Company Plc lost 9.93 per cent to close at N3.90, while Sunu Assurances Nigeria Plc declined by 9.82 per cent to N3.58 per share.
Likewise, Sovereign Trust Insurance Plc depreciated by 8.37 per cent to close at N2.30 per share.
On the gainers’ table, Conoil Plc and Prestige Assurance Plc appreciated by 9.79 per cent each to settle at N213 and N1.57 per share respectively.
Also recording strong gains were Neimeth International Pharmaceuticals Plc, which advanced by 9.74 per cent to N8.45 per share, and E-Tranzact International Plc, which gained 9.40 per cent to close at N16.30.
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Similarly, Cornerstone Insurance Plc rose by 9.09 per cent to settle at N5.40 per share.
Trading activity also weakened during the session, with total volume traded declining by 28.11 per cent to 535.53 million shares valued at N36.84 billion across 55,123 transactions.
This represented a drop from the previous session’s turnover as investors adopted a cautious approach amid continued market volatility.
Meanwhile, Sterling Financial Holdings Company Plc emerged as the most actively traded stock by volume, accounting for 100.90 million shares, or 18.84 per cent of total market turnover.
In value terms, UAC of Nigeria Plc led the market with transactions worth N9.12 billion, representing 24.74 per cent of the total value traded during the session.
Market analysts attributed the sustained decline to profit-taking by investors following recent market gains, noting that sentiment may remain cautious in the near term as investors reassess valuations and portfolio positions.
