NGX All Share Index slips 0.49% as investors lose N590bn
The Nigerian equities market reversed its recent positive streak on Tuesday, as the All-Share Index declined by 0.49% to close at 189,321.24 points, trimming the year-to-date return to 21.66%. Market capitalisation also fell by 0.47%, shedding N590 billion to settle at N121.5 trillion. Despite the broad market decline, sentiment remained mildly positive, with market breadth […]
The Nigerian equities market reversed its recent positive streak on Tuesday, as the All-Share Index declined by 0.49% to close at 189,321.24 points, trimming the year-to-date return to 21.66%.
Market capitalisation also fell by 0.47%, shedding N590 billion to settle at N121.5 trillion.
Despite the broad market decline, sentiment remained mildly positive, with market breadth closing at 1.1x as 44 stocks advanced compared to 40 decliners.
Analysts at Cowry Assets Management attributed the bearish trend to the strong buying strength of some stocks.
ABCTRANS, ZICHIS, REDSTAREX, MEYER, and JAPAULGOLD topped the gainers’ chart, while MECURE, ZENITH BANK, SKYAVN, RTBRISCOE, and TRIPPLEG recorded the steepest losses.
Sectoral performance was largely negative, with the Banking index posting the sharpest decline of 3.69%, followed by Insurance (-0.57%), Industrial (-0.50%), and Oil & Gas (-0.06%). In contrast, the Consumer Goods and Commodity indices recorded gains of 2.54% and 0.32%, respectively.
Trading activity strengthened across most indicators, as the number of deals surged by 34.82% to 86,697 transactions and volume traded increased by 12.93% to 1.19 billion units, although total transaction value declined by 4.44% to N60.19 billion.
Daily Trust reports that this is the first time in the month of February that the NGX All Share Index would close in negative territory.
Meanwhile, the naira strengthened across both exchange channels on Tuesday, appreciating 0.60% to N1,335.96/$ from N1,347 recorded on Monday at the NAFEM window and rising 0.87% to N1,371/$ in the parallel market.