The Nigerian equities market declined by ₦286 billion on Tuesday, primarily due to drops in shares of ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE. The All-Share Index fell to 106,164.64 points and market breadth showed more decliners than advancers, although some stocks still posted gains. FIDELITY BANK led in trading volume and value, despite the overall bearish trend.
On Tuesday, the Nigerian equities market fell into bearish territory, resulting in a loss of ₦286 billion for investors. This decline was primarily driven by drops in share prices of notable stocks including ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE.
By the close of trading, equity capitalization fell to ₦66.4 trillion, down from ₦66.7 trillion on the previous day. The benchmark All-Share Index (ASI) decreased to 106,164.64 points from 106,621.91 points the day before, indicating a significant downturn in market performance.
Market dynamics saw 23 stocks advancing while 29 declined, leaving 71 unchanged across 12,466 transactions. Leading gainers included LIVESTOCK, CORNERST, and INTENEGINS, which saw price increases of 9.93%, 9.25%, and 8.99%, respectively.
Conversely, ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE were the most notable decliners, with share price drops of 7.98%, 7.46%, and 7.35%. This further contributed to the overall downward trend observed in the market.
On volume metrics, FIDELITY BANK dominated trading, moving 29 million shares across 456 deals, followed closely by ACCESS CORP and GTCO, each trading around 28 million shares in significant deal quantities. The value index indicated GTCO’s stocks were traded worth ₦1.6 billion, leading the market, while ZENITH BANK and ACCESS CORP followed in value as well.
The Nigerian equities market experienced a notable decline driven by significant losses from key stocks, culminating in a total drop of ₦286 billion in investor capital. While some stocks showed gains, the predominant trend was negative, with a critical overview of leading decliners, suggesting caution for investors. Trading volumes remained robust, indicating active market participation despite the downturn.
Original Source: www.ripplesnigeria.com
