NGX market reverses gains, loses N1.17trn on sell-offs

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The Nigerian Exchange Ltd. (NGX) equities market on Tuesday reversed its four-session bullish run, losing N1.166 trillion in market capitalisation amid sell-offs in key stocks.

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Market capitalisation fell by 0.73 per cent from N160.421 trillion to N159.255 trillion, while the All-Share Index (ASI) shed 1,806.18 points to close at 246,723.57.

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The market’s year-to-date return also declined to 58.55 per cent, despite the positive breadth, which recorded 28 gainers against 27 losers.

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Thomas Wyatt Nigeria led the losers, declining 9.97 per cent to close at N2.89, followed by AVA Capital, which fell 9.60 per cent to N8.95.

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International Energy Insurance dropped 6.32 per cent to N4, while International Breweries shed 5.98 per cent to close at N11 and Guinea Insurance declined 5.13 per cent to 74k.

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On the gainers’ chart, UPDCREIT led with 10 per cent to close at N14.85, followed by FTN Cocoa Processors, which rose 9.88 per cent to N8.90.

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C&I Leasing gained 8.26 per cent to N5.90, while Sovereign Trust Insurance advanced 6.74 per cent to N1.90 and Regency Alliance Insurance rose 6.33 per cent to 84k.

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Trading volume surged to 3.909 billion shares valued at N32.38 billion in 45,608 deals, compared with 1.137 billion shares worth N27.02 billion exchanged in 59,185 deals on Monday.

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Fortis Global Insurance dominated trading, accounting for 3.29 billion shares worth N9.58 billion, representing 84.22 per cent of total volume and 29.57 per cent of total value traded. (NAN)

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