Equity market reverses gain with N77bn loss
The Nigerian equity market reversed its previous gains, recording a N77bn loss at the close of trading on Tuesday as investor sentiment weakened.
The market capitalisation of the Nigerian Exchange Limited declined to N67.02tn from N67.1tn recorded in the previous session, reflecting a 0.11 per cent decline.
Similarly, the All-Share Index shed 123.53 points to close at 107,675.46, compared to 107,798.99 in the last trading session. The downturn was driven by sell-offs in key stocks, including Fidson Healthcare, Ecobank Transnational Incorporated, Guinea Insurance, and Prestige Assurance.
At the end of the trading session, a total of 423.42m shares valued at N9.57bn were exchanged in 11,112 deals, marking a 72 per cent increase in volume, a 14 per cent rise in turnover, and a 10 per cent improvement in deals compared to the previous trading day.
Market breadth remained positive, with 29 gainers and 23 losers. Oando Plc and PZ Cussons Nigeria led the gainers chart with a 10 per cent appreciation each, closing at N52.80 and N32.45 per share, respectively. Other top gainers included Honeywell Flour Mill (+9.96 per cent), Caverton Offshore Support Group (+9.8 per cent), and Livestock Feeds (+9.35 per cent).
On the flip side, Fidson Healthcare topped the losers’ chart with a 9.6 per cent decline to close at N17.90 per share, followed by Ecobank Transnational (-9.51 per cent), Guinea Insurance (-8.33 per cent), and Prestige Assurance (-7.5 per cent).
FCMB Group led the activity chart with the highest volume of 102m shares traded, followed by Zenith Bank (33.3m), Access Holdings (31.2m), and Jaiz Bank (24.4m).
Across sectoral indices, the Oil and Gas Index recorded a 0.88 per cent gain, while the Industrial Index fell by 0.43 per cent. Other indices, such as the Premium Index and Consumer Goods Index, closed lower, reflecting the broad market decline.
The PUNCH reported that the Nigerian Exchange rebounded at the close of trading on Wednesday, recording a market capitalisation gain of N11bn as investors showed renewed buying interest in select stocks.
