NGX loses N69bn as sell-offs hit Oando, Dangote Sugar, Nestle

The Nigerian stock market closed on a bearish note on Tuesday, with a loss of N69 billion, due to sell-offs in large and medium capitalised stocks.

The Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N59.004 trillion, dropped by N69 billion or 0.12 per cent, closing at N58.935 trillion.

Similarly, the All-Share Index (ASI) fell by 114 points, or 0.12 per cent, closing at 97,260.75 points from 97,374.25 recorded on Monday.

The downturn was driven by sell-offs in stocks such as Oando, Dangote Sugar, and Nestle Nigeria, among others.

This decline reduced the Year-To-Date (YTD) return to 30.07 per cent.

Market breadth was negative, with 29 losers and 20 gainers.

On the losers’ chart, VFD Group led by 10 per cent to close at N40.50, Royal Exchange trailed by 9.68 per cent to close at 56k per share.

Oando declined by 9.42 per cent to close at N62.05, Thomas Wyatt Nigeria shed 8.85 per cent to close at N1.75, while Dangote Sugar dropped 4.83 per cent to close at N28.55 per share.

Conversely, Eunisell led the gainers’ chart by 9.98 per cent to close at N9.92, JohnHolt followed by 9.83 per cent to close at N5.81 per share.

Sunu Assurances gained 9.71 per cent to close at N2.26, Universal Insurance appreciated by 6.25 per cent to close at 34k, Regency Alliance Insurance also added 4.17 per cent to close at 50k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 23.21 per cent.

A total of 350.38 million shares valued at N9.26 billion were exchanged in 10,224 deals, compared with 297.83 million shares valued at N7.52 billion traded in 9,902 deals posted in previous session.

Meanwhile, United Capital led the activity chart in volume with 76.76 million shares, while Aradel Holdings led the chart in value with deals worth N1.55 billion