The Nigerian Exchange Limited (NGX) equities market on Tuesday halted its four-session bullish run as sell-offs in major stocks wiped N1.166 trillion off its market capitalisation.
Market capitalisation declined by 0.73 per cent from N160.421 trillion on Monday to N159.255 trillion, while the All-Share Index (ASI) fell by 1,806.18 points to close at 246,723.57.
The decline also trimmed the market’s year-to-date return to 58.55 per cent, although market breadth remained positive, with 28 stocks recording gains against 27 decliners.
Thomas Wyatt Nigeria emerged as the day’s biggest loser, shedding 9.97 per cent to close at N2.89. AVA Capital followed with a 9.60 per cent decline to N8.95, while International Energy Insurance dropped 6.32 per cent to N4.
International Breweries lost 5.98 per cent to close at N11, while Guinea Insurance declined by 5.13 per cent to 74 kobo.
On the gainers’ side, UPDCREIT led the market with a 10 per cent increase to N14.85. FTN Cocoa Processors followed, gaining 9.88 per cent to close at N8.90.
C&I Leasing rose by 8.26 per cent to N5.90, while Sovereign Trust Insurance advanced 6.74 per cent to N1.90. Regency Alliance Insurance also gained 6.33 per cent to close at 84 kobo.
Despite the decline in market value, trading activity increased significantly during the session.
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A total of 3.909 billion shares valued at N32.38 billion were traded in 45,608 deals, compared with 1.137 billion shares worth N27.02 billion exchanged in 59,185 deals on Monday.
Fortis Global Insurance dominated the session by volume, accounting for 3.29 billion shares valued at N9.58 billion.
The stock represented 84.22 per cent of the total volume traded and 29.57 per cent of the overall value of transactions.
The session therefore marked a reversal of the recent positive momentum on the equities market, as investors appeared to lock in gains from the previous four sessions of appreciation.
