On Tuesday, investors sold off shares that had appreciated in value during the recovery period, further reducing the Nigerian Exchange (NGX) Limited by 0.24 percent.
Yesterday, traders sold some equities in the banking and consumer goods sectors, resulting in the market’s bearish outcome at the close of transactions.
The All-Share Index (ASI) fell 113.48 points during the session to close at 47,322.97 points, down from 47,436.45 points the previous day, while market capitalisation fell by N61 billion to N25.776 trillion, down from N25.837 trillion on Monday.
The banking index fell 2.14 percent yesterday, while the consumer goods index fell 0.99 percent, while the insurance and industrial goods sectors rose 0.16 percent and 0.12 percent, respectively, with the energy index closing flat.
On Tuesday, the share price of Neimeth fell 7.97% to N1.27, while Nigerian Breweries fell 7.66% to N45.20. Caverton fell 5.68 percent to close at 83 Kobo, Ecobank fell 5.16 percent to N10.10, and Union Bank fell 4.58 percent to N6.25.
Chams, on the other hand, increased by 9.09 percent to 24 Kobo, Coronation Insurance increased by 6.06 percent to 35 Kobo, NPF Microfinance Bank increased by 5.33 percent to N1.58, Jaiz Bank increased by 3.66 percent to 85 Kobo, and FCMB increased by 3.08 percent to N3.35.
According to Entrepreneurng, the stock market had 14 price losers and 13 price gainers at the close of business, indicating a negative market breadth and weak investor sentiment.
On Tuesday, investors transacted 121.0 million stocks worth N1.7 billion in 3,022 deals, compared to 279.3 million stocks worth N1.6 billion in 3,781 deals, indicating a 6.25 percent increase in trading value, a 56.68 percent decrease in trading volume, and a 20.07 percent decrease in the number of deals.
Transcorp was the busiest equity on the day, with 34.6 million units traded, followed by Access Holdings with 11.2 million, Zenith Bank with 9.3 million, FBN Holdings with 8.7 million, and GTCO with 8.5 million.
