Sell-off activities in the Nigerian stock market led to negative close on Tuesday as the market capitalisation recorded its second decline this year to close at N56,425tn after shedding N857bn.
Similarly, the All-Share Index of listed equities dropped by 1.49 per cent to close at 103,110.15 basis points lower than the 104,674.67 of the previous day.
The Exchange had recorded its first loss in the new year on January 10, as the market cap dipped by about N638bn to close at N44.885tn.
The sectoral performance sentiment was predominantly negative with NGX Banking dropping by 6.73 per cent, NGX Insurance followed with 6.44 per cent, NGX Consumer Goods dipped by 2.59 per cent, while NGX Oil/Gas and NGX Industrial Goods dropped by 0.58 per cent and 0.39 per cent.
At the end of business on Tuesday, Access Corp, Caverton, Guinea Insurance, Linkage Assurance, Axa Mansard, Nascon Allied Industries and Sterling Financial Holding Company lost 10 per cent each on its respective share prices.
The gainers included real estate firm, UPDC, Geregu Power, which recorded a 74.11 per cent increase in its revenue to N82.91bn from N47.62bn as of the end of 2022, its highest revenue in the last five years.
Trading activity levels on the NGX showed a negative trend, with decreases in the total number of deals, traded volume and value for the day.
The total deals for the day decreased by 8.23 per cent to 14,579 trades, while the traded volume and value dropped by 5.94 per cent, reaching 648.95 million units, and 57.26 per cent to N11.09bn.
JapaulGold emerged as the most traded security in terms of volume with 59.80 million units across 498 trades, while the United Bank for Africa led in traded value at N1.23bn.
Mercy Chukwudiebere
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