Market Dips Amidst Stock Sales

The Nigerian stock market experienced a slight pullback on Tuesday, with a modest decline of N152 billion. This followed a period of consistent gains and was attributed to profit-taking activities by investors in certain sectors, particularly banking stocks.

While shares of prominent banks like Zenith Bank, UBA, and Access Corporation witnessed some selling pressure, the overall market remains fundamentally strong.

The market capitalisation dipped marginally by 0.24 percent, closing at N63.051 trillion.

The All-Share Index also lost 0.24 percent, or 249.42 points, to close at 103,398.82, against 103,648.24 recorded on Monday.

As a result, the Year-To-Date (YTD) return decreased to 0.46 percent.

Market breadth closed negative with 51 losers and 18 gainers.

FTN Cocoa, RT Briscoe and Veritas Kapital led the losers’ table by 10 percent each to close at N1.80, N2.70, and N1.53 per share, respectively.

Sunu Assurances and Cornerstone Insurance dropped 9.98 percent each to close at N10.01 and N4.15 per share, respectively.

On the gainers’ side, Abbey Mortgage Bank and PZ Nigeria led by 10 percent each to close at N3.63 and N27.50 per share, respectively.

Learn Africa followed by 9.90 percent to close at N5.44, NCR Nigeria added 9.77 percent to close at N7.30 and NGX Group gained 9.72 percent to close at N29.90 per share.

Analysis of market activities revealed a higher trade turnover compared to the previous session, with transaction value rising by 10.48 percent.

A total of 1.11 billion shares valued at N14.64 billion were exchanged in 16,617 deals, compared with 855.97 million shares valued at N13.25 billion traded in 16,505 deals.

Meanwhile, FBN Holdings led the activity chart in volume and value with 161.46 million shares in deals of N4.72 billion.

NAN