By Seun Ibiyemi
The Nigerian equities market closed on a negative note on Tuesday as investors lost about N904 billion following widespread sell-offs in major listed stocks.
The downturn brought an end to a four-day bullish run on the Nigerian Exchange Ltd (NGX), as profit-taking dragged key equities including Guinness Nigeria, Union Dicon Salt, AIICO Insurance, Wema Bank, and MTN Nigeria.
Market capitalisation fell from N156.056 trillion to N155.152 trillion, reflecting a decline of N904 billion or 0.58 per cent.
The All-Share Index also dropped by 1,408.82 points to close at 241,750.15, compared to 243,158.97 recorded in the previous session.
Despite the decline, the market maintained mixed sentiment with 46 gainers and 26 losers.
On the gainers’ chart, Vitafoam Nigeria, Zichis Agro Allied Industries, RT Briscoe, and McNichols all rose by 10 per cent each. Chemical and Allied Products Plc also advanced by 9.99 per cent.
READ ALSO:NITDA, Galaxy Backbone partner to provide subsidised sovereign cloud services for iHatch Startups
However, losses were driven by heavy declines in several blue-chip stocks.
Guinness Nigeria shed 10 per cent, Union Dicon Salt dropped 9.82 per cent, while AIICO Insurance, Wema Bank, and MTN Nigeria recorded losses ranging between 8 per cent and 9 per cent.
Trading activity also weakened, with total volume falling by 9.85 per cent. A total of 1.27 billion shares valued at N75.23 billion were exchanged in 102,665 deals.
FCMB Group Plc led in volume, accounting for 160.59 million shares traded, while Guaranty Trust Holding Company Plc recorded the highest value transactions at N13.09 billion, representing 17.40 per cent of total turnover.
