The Nigerian equities market reversed its recent bullish trend on Tuesday, recording a loss of N577 billion after several days of gains totaling over N11.86 trillion.
Market capitalization of listed equities declined by N577 billion, representing a 0.48 percent drop from N122.129 trillion to N121.552 trillion.
Similarly, the All-Share Index (ASI) fell by 0.48 percent, shedding 899.50 points to close at 189,362.94, down from 190,262.44 recorded on Monday.
As a result of the decline, the year-to-date return moderated to 21.66 percent. Despite the downturn, market breadth remained positive, with 44 gainers against 40 losers.
On the gainers’ table, ABC Transport topped the chart with a 9.94 percent increase, followed by Zichis, Red Star Express, Meyer, and Japaul Gold.
Conversely, Skyway Aviation Handling Company, Mecure, and Zenith Bank led the losers with a 10 percent decline each. They were trailed by RT Briscoe and Tripple Gee.
Analysis of trading activities showed a 12 percent increase in volume and a 34 percent rise in the number of deals, although the total value traded dipped by six percent.
A total of 1.2 billion shares valued at N60.2 billion were exchanged in 86,607 deals, compared to 1.1 billion shares worth N64.02 billion traded in 64,821 transactions on Monday.
Access Corporation recorded the highest trading volume, with 103.49 million shares exchanged, accounting for 8.62 percent of total volume. Meanwhile, Zenith Bank posted the highest value traded at N8.01 billion, representing 13.30 percent of the day’s total value.
Tuesday’s market downturn comes a day after investors gained N5.1 trillion, pushing market capitalization to N122.129 trillion, in addition to last week’s rally of N6.76 trillion added to investors’ portfolios.
Eze Chidiebere Paul
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