Nigeria’s equity market records losses, indices fall 0.29%

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The equity market recorded a loss of N78 billion, or 0.29%, on Tuesday. The market capitalization closed at N26.373 trillion, compared to N26.451 trillion posted on Friday. Indices were also down 0.29%.
In a similar vein, the All-Share Index lost 144.42 points, or 0.29%, to end at 48,879.74, down from 49,024.16 on Friday.
The market’s poor performance was primarily caused by selloffs in Tier-one banks like Zenith Bank, Access Holding, FBN Holding, and Guaranty Trust Holding Company (GTCO).
Consequently, the year-to-date return (YTD) decreased to 14.43 per cent.
“We expect another mixed day of trading tomorrow, amid bargain hunting activities across the board as investors continue to tread cautiously in the market,” stated analysts at Vetiva Securities Ltd.
There were 21 losers and nine winners in total, with Multiverse Mining and Exploration closing at N4.05 per share, up 9.76 per cent.
Following RTBriscoe, which gained 8.82% to close at 37k, NGX Group gained 7.5% to close at N21.50 per share.
To close at 55k per share, AIICO Insurance saw a 5.77 percent increase.Africa Prudential closed at N5.20 after increasing by 4%.
International Breweries, on the other hand, closed at N4.50 per share, leading the losers’ discussion with a 9.09 percent decline.
Sovereign Trust Insurance fell by 7.41% to close at 25k per share, and Red Star Express fell by 7.83% to close at N2.12.
Japaul Gold and Ventures’ closing share price was 26k, down 7.14%.
Additionally, Consolidated Hallmark Insurance suffered a loss of 7.02% to reach a closing price of 53k per share.
In 4.145 transactions, 125.95 million shares worth N3.07 billion were exchanged.
GTCO had the most shares traded, 17.19 million, for a total of N1.26 billion.
Zenith Bank followed with 14.39 million shares that were purchased for N283.88 million.
NGX Group sold 8.35 million shares for N173.92 million, while United Bank for Africa (UBA) traded 10.67 million shares for N73.19 million.
Additionally, Chams sold 1.87 million shares, or 6.78 million shares.