Stock market investors lose N478bn amid bearish rally

The Nigerian stock market closed lower on Tuesday as investors recorded a loss of N478 billion following profit-taking in major stocks.

The decline was driven by losses in large- and mid-cap stocks, including PZ Cussons, Computer Warehouse Group (CWG), ABC Transport, Wema Bank, Sovereign Trust Insurance, and 33 other stocks.

Market capitalisation declined from an opening value of N158.697 trillion to N158.219 trillion at the close of trading.

The All-Share Index also fell by 874 points, or 0.35 per cent, to close at 246,686.66, down from 247,560.66.

Consequently, the market’s Year-to-Date (YtD) return moderated to 58.53 per cent, while market breadth closed negative with 38 losers and 14 gainers.

PZ Cussons and Computer Warehouse Group led the losers’ chart by 10 per cent each, settling at N88.20 and N21.60 per share, respectively.

ABC Transport shed by 9.95 per cent, closing at N6.88, Wema Bank dipped by 9.09 per cent, finishing at N30, while Sovereign Trust Insurance dropped by 8.16 per cent, ending the session at N2.70 per share.

Tinubu commends MREIF as ₦128bn mortgage scheme reaches 1,859 families

Conversely, International Energy Insurance topped the gainers’ chart by 9.86 per cent, closing at N5.46, Trans-Nationwide Express trailed by 7.14 per cent, finishing at N5.10, and Neimeth Pharmaceuticals gained by 6.80 per cent at N11 per share.

Livingtrust Mortgage Bank advanced by 5 per cent, closing at N4.20, while Abbey Mortgage Bank increased by 4.44 per cent, settling at N7.05 per share.

The market activity also witnessed an overall decline in the market volume, value and deals as 718.8 million shares valued at N29.3 billion were exchanged across 71,683 transactions.

This was in contrast with the previous session’s 1.127 billion shares worth N44.3 billion traded in 91,880 deals.

Access Corporation led trading activity by volume, with 113.10 million shares exchanged, representing 10.03 per cent of the total volume traded during the day.

Zenith Bank emerged as the most actively traded stock by value, recording transactions worth N4.81 billion, which accounted for 10.85 per cent of the day’s total market turnover.