The Nigerian Exchange faced another day of decline on Tuesday, with a loss of N265bn as investor sentiment remained weak. This marked the second consecutive day of losses, causing the market capitalisation to drop to N66.1tn from the previous day’s N66.3tn.
By the end of trading, the All-Share Index fell by 423.48 points, a 0.4% decrease to 105,375.69. This downturn added to the market’s one-week loss of 0.75% and a four-week decline of 2.13%, despite a year-to-date increase of 2.38%.
Trading activity recorded 349.98 million shares exchanged in 11,230 deals, totaling N8.22bn turnover. The volume decreased by 27%, while turnover improved by 17% compared to the previous session, with the number of deals declining by 17%.
Sector performance varied, with the Insurance Index leading as the top performer, gaining 1.11%, followed by the Consumer Goods Index rising 0.17%. However, the Premium Index dropped 0.24%, the Pension Index fell 0.15%, and the Oil and Gas Index declined 0.06%.
Despite the overall market decline, some stocks saw gains. Neimeth International Pharmaceuticals Plc topped the gainers’ list with a 10% increase, closing at N2.97 per share. Other gainers included Northern Nigeria Flour Mills Plc, Custodian and Allied Plc, Sunu Assurances Nigeria Plc, Guinea Insurance Plc, and Wapic Insurance Plc.
On the losing side, BUA Cement Plc experienced the highest decline, dropping 10%. This was followed by Ellah Lakes Plc, Regency Alliance Insurance Plc, Wema Bank Plc, Omatek Ventures Plc, and NEM Insurance Plc.
Regarding trading volume, Access Holdings Plc had the highest activity with 36.8 million shares traded, followed by Universal Insurance Plc, Fidelity Bank Plc, and Jaiz Bank Plc.
The Nigerian Exchange continued its losing streak on Monday, shedding N8bn as investors reacted to market challenges.