Equity Investors Lose N81bn as ASI Dips Further by 0.12%

Samuel Mobolaji

The downward trend in the Nigerian equities market persisted on Tuesday, with the NGX All-Share Index dropping by 12 basis points to close at 105,800.85 points, dragging the year-to-date return down to 2.79 per cent. Market capitalisation also fell by N81.29 billion to settle at N66.50 trillion as investor sentiment weakened.

Losses in GTCO, which declined by 3.54 per cent, HONYFLOUR by 2.26 per cent, and FIDELITYBK by 1.48 per cent outweighed gains recorded in MTNN, which rose 4.17 per cent, and UBA, which gained 0.14 per cent.

Overall market activity slowed, with total turnover dropping by 63.85 per cent from the previous session. Investors traded 392.99 million shares valued at N12.75 billion in 17,519 deals.

UBA led the volume chart with 38.85 million units exchanged, while MTNN topped the value chart with trades worth N3.60 billion.

Despite the dip in the benchmark index, market breadth was positive at a 1.56-to-1 ratio, as 28 stocks advanced against 18 that declined. UPL gained 10 per cent to lead the gainers’ chart, while ETI topped the laggards with a 10 per cent loss.

Meanwhile, the NASD OTC Securities Exchange also closed lower, as the NSI declined by 0.05 per cent to 3,281.1 points and market capitalisation fell to N1.92 trillion.

Trade turnover on the NASD market dropped by 24.88 per cent to N29.01 million, while volume increased by 37.44 per cent to 3.08 million units.