Bearish sentiment dominated the stock market on Tuesday, leading to a loss of N371 billion for investors.
Specifically, the market capitalisation dropped by N371 billion, or 0.67 per cent, to close at N55.033 trillion, compared to N55.404 trillion recorded on Monday.
The All-Share Index, which opened at 97,582.41, declined by 0.67 per cent, or 654 points, to close at 96,928.52.
Selloffs in BUA Cement, Guaranty Trust Holding Company (GTCO), and Transnational Corporation (Transcorp) contributed to the market’s weak performance.
As a result, the Year-To-Date (YTD) return decreased to 29.63 per cent.
Market breadth closed positive with 30 gainers and 25 losers on the floor of the Exchange.
On the gainers’ table, NASCON and Academy Plc led with 10 per cent each, closing at N32.45 and N2.20 per share, respectively. Conversely, BUA Cement topped the losers’ table with a 9.99 per cent drop, closing at N128.90 per share.
Analysis of the market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions up by 8.32 per cent.
A total of 449.21 million shares valued at N6.74 billion were exchanged in 9,381 deals, in contrast to 324.02 million shares valued at N6.22 billion traded in 9,738 deals posted in the previous session. UBA led the activity chart in volume and value with 62.83 million shares traded in deals worth N1.34 billion.
