Stocks Retreat 0.29% As Broad-based Sell-off Weighs On Market

The Nigerian equities market closed lower on Tuesday, with the NGX All-Share Index (ASI) declining by 0.29 per cent.

The All-Share Index (ASI) lost 653.64 points, representing a decline of 0.29 per cent to close at 251,913.20 points. Also, market capitalization shed N420 billion to close at N163.531 trillion.

The decline reflects profit-taking and cautious investor sentiment following the market’s recent upward momentum.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Unilever Nigeria, BUA Cement, Guaranty Trust Holding Company (GTCO), Nigerian Exchange Group and May & Baker Nigeria.

Looking ahead, Cowry Assets Management Limited said, “the market is expected to retain its underlying bullish bias as investor sentiment gradually improves. However, continued profit-taking activities may moderate the pace of further gains in the near term.”

Market sentiment remained negative, as 32 stocks declined compared with 27 gainers. NPF Microfinance Bank and Livingtrust Mortgage Bank emerged the highest price gainer of 10 per cent each to close at N4.40 and N2.86, while Wapic Insurance followed with a gain of 9.95, per share.

VFD Group rose by 9.84 per cent to close at N13.40, while ABC Transport appreciated by 9.82 per cent to close at N6.15, per share.

On the other side, Sovereign Trust Insurance led the losers’ chart with 9.92 per cent each to close at N2.36, per share. Unilever Nigeria followed with a decline of 8.55 per cent to close at N100.50, while Neimeth International Pharmaceuticals declined by 6.02 per cent to close at N7.80, per share.

University Press dropped by 6.00 per cent to close at N4.70, while International Breweries dipped by 5.45 per cent to close at N9.55, per share.

Also, the total traded volume declined by 44.9 per cent to 548.67 million units, valued at N34.30 billion, and exchanged in 47.301 deals. Transactions in the shares of GTCO led the activity with 88.730 million shares worth N11.731 billion. United Bank for Africa (UBA) followed with account of 48.837 million shares valued at N2.228 billion, while Fidelity Bank traded 45.636 million shares valued at N1.041 billion.