BUSINESS
Stock market loses N93bn as market capitalisation falls 0.06%
The Nigerian stock market closed Tuesday’s trading in negative territory, as investors lost N93 billion amid sell-offs in several equities.
The downturn was driven by losses in large- and mid-cap stocks, including Nigerian Aviation Handling Company, Red Star Express, Livingtrust Mortgage Bank, Abbey Mortgage Bank and Caverton Offshore Support Group.
Market capitalisation fell to N163.824 trillion from N163.917 trillion, representing a decline of 0.06 per cent.
Similarly, the All-Share Index dropped by 143.58 points, or 0.06 per cent, from 252,456.74 to 252,313.16.
Consequently, the market’s year-to-date return declined to 62.14 per cent.
However, market breadth closed positive, with 32 equities recording gains against 21 losers.
Champion Breweries led the gainers’ chart, appreciating by 10 per cent to close at N9.35 per share.
Honeywell Flour followed with a 9.90 per cent gain, closing at N32.20 per share. Critical Minerals Financing Corporation rose by 8.75 per cent to N3.23 per share.
Sovereign Trust Insurance gained 8.41 per cent to close at N2.32 per share. University Press appreciated by 8.33 per cent to N4.55 per share.
On the losers’ chart, Nigerian Aviation Handling Company led with a 9.99 per cent decline, closing at N136.10 per share.
Red Star Express followed with a 9.85 per cent loss, closing at N12.35 per share. Livingtrust Mortgage Bank shed 9.79 per cent to close at N2.58 per share.
Abbey Mortgage Bank declined by 5.22 per cent to N6.35 per share. Caverton Offshore Support Group shed 4.29 per cent to close at N3.35 per share.
Trading activity strengthened, with total volume rising by 20.29 per cent to 545.30 million shares. The shares were valued at N30.39 billion across 31,543 deals.
NEIMETH led the volume chart with 79.86 million shares, accounting for 14.65 per cent of total transactions.
First Holdco recorded the highest transaction value at N6.31 billion, representing 20.77 per cent of the day’s total value.
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