Equities market reverses gains, loses N1.33trn on sell-offs

After a bullish outing on Monday, the Nigerian equities market closed negative on Tuesday, shedding N1.33 trillion in market value following heavy sell-offs in major stocks.

The market capitalisation of listed equities fell by 1.46% to N90.227 trillion from N91.561 trillion, while the All-Share Index (ASI) dropped by 2,109 points to 142,613.47 compared to the previous day’s 144,722.47.

Sell pressure in key stocks such as Dangote Cement, RT Briscoe, Royal Exchange, Jaiz Bank, WAPIC Insurance, and 34 others dragged the market into the red.

Market breadth closed negative with 39 losers against 26 gainers.

Royal Exchange led the laggards, falling by 10% to N2.52, followed by Dangote Cement, which declined by 9.88% to N520.

RT Briscoe dipped 9.87% to N3.56, Jaiz Bank lost 9.81% to N4.32, while WAPIC Insurance shed 9.77% to N3.60.

On the flip side, Nigerian Enamelware topped the gainers’ chart, rising 9.95% to N35.90.

DAAR Communications gained 9.82% to N1.23, Deap Capital rose 9.60% to N1.94, Academy Press appreciated 8.43% to N9, and International Breweries advanced 6.95% to N13.85.

Trading activity slowed, with 1.03 billion shares valued at N17.66 billion exchanged in 34,352 deals, compared to Monday’s 1.15 billion shares worth N16.17 billion across 38,160 deals.

Universal Insurance led the activity chart with 130.22 million shares worth N173.67 million, followed by AIICO Insurance with 100.11 million shares valued at N437.56 million. Mutual Benefits Assurance traded 68.52 million shares worth N310.65 million, Prestige Assurance recorded 66.87 million shares at N135.4 million, while Regalins transacted 46.14 million shares valued at N69.26 million.