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

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.

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.

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.

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.

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.

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.

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.

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.

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.