The Nigerian equities market declined on Tuesday, resulting in a ₦286 billion loss for investors due to falling share prices of key stocks including DAAR COMMUNICATIONS and GUINEA INSURANCE. The total market capitalization dropped to ₦66.4 trillion, while notable gainers and high trade volumes were recorded in other stocks.
On Tuesday, the Nigerian equities market returned to a bearish trend, leading to a loss of ₦286 billion for investors by the end of the trading day. This downturn was driven by decreasing share prices particularly in stocks such as ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE, among others. Consequently, the total market capitalization fell from ₦66.7 trillion to ₦66.4 trillion.
The benchmark All-Share Index (ASI) also saw a decline, dropping to 106,164.64 points from the previous day’s figure of 106,621.91 points. The market breadth showed 23 stocks increased in value, while 29 experienced declines, and 71 stocks remained stable throughout the 12,466 transactions conducted during the day.
Among the notable gainers, LIVESTOCK, CORNERST, and INTENEGINS achieved significant price increases of 9.93%, 9.25%, and 8.99%, respectively. Their closing prices were N9.85, N3.19, and N1.94, reflecting an increase from N8.96, N2.92, and N1.78 per share earlier.
In contrast, ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE led the decline with decreases of 7.98%, 7.46%, and 7.35%. Their closing prices dropped to N1.50, N0.62, and N0.63, down from N1.63, N0.67, and N0.68 per share, respectively.
Regarding trading volume, FIDELITY BANK topped the charts with 29 million shares traded over 456 transactions. ACCESS CORP followed with 28 million shares across 750 deals, while GTCO also traded 28 million shares in 340 transactions. In terms of trading value, GTCO led with stocks valued at N1.6 billion, followed by ZENITH BANK at N1 billion and ACCESS CORP at N680 million.
In summary, the Nigerian equities market experienced a significant downturn on Tuesday with a ₦286 billion loss, attributed mainly to declines in major stocks like ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE. Despite this, certain stocks showed growth, indicating a mixed performance across the market. Transactions in the market continued, with FIDELITY BANK leading in volume and GTCO leading in value traded, underscoring the dynamic nature of market activities.
Original Source: www.ripplesnigeria.com
