Profit-taking Wipes N726bn off NGX As ASI Falls 0.57%

Investors on the Nigerian Exchange Limited (NGX) recorded a loss of about N726 billion on Tuesday following profit-taking in several stocks, which dragged the market into negative territory.

Market data showed that market capitalisation declined from N126.58 trillion on Monday to N125.86 trillion, representing a loss of N725.97 billion.

In the same vein, the All-Share Index (ASI) fell by 1,130.87 points, or 0.57 per cent, to close at 196,066.11 points, compared with 197,196.98 points recorded in the previous trading session.

The bearish performance was largely driven by price declines in a number of medium and large-cap stocks across key sectors of the market.

NASCON Allied Industries topped the losers’ table after shedding 10 per cent to close at N147.60 per share, while Mutual Benefits Assurance (MBENEFIT) also dropped 10 per cent to settle at N4.59 per share.

Other notable laggards included Red Star Express, which fell by 9.94 per cent to N28.55, Austin Laz & Company, down 9.88 per cent to N3.74, and SCOA Nigeria, which declined 9.85 per cent to N27.90 per share.

Additional stocks that contributed to the market’s downward movement included Oando, PZ Cussons, Caverton Offshore Support Group, LivingTrust Mortgage Bank, Learn Africa, and Sovereign Trust Insurance, all of which recorded notable price declines.

Despite the overall market downturn, some equities posted gains during the trading session.

Premier Paints led the gainers’ chart, advancing by 9.97 per cent to close at N17.65, followed by Conoil, which rose by 9.95 per cent to N204.40 per share.

SUNU Assurances also appreciated by 9.95 per cent to close at N4.75, while Daar Communications gained 9.84 per cent to settle at N2.01, and Eterna Plc climbed 9.56 per cent to N51.00 per share.

Other stocks that recorded gains included NEM Insurance, NPF Microfinance Bank, Omatek Ventures, RT Briscoe, and NSLTech.

Sectoral indices closed on a mixed note as the NGX Oil and Gas Index and NGX Banking Index posted slight gains, while declines in the NGX Industrial Index, NGX Consumer Goods Index, and NGX Growth Index pressured the broader market.