Equities market sheds N164.31bn on profit-taking by tier-1 stocks 

Equities market extended a negative performance for the second-day trading, as the Nigerian Stock Exchange All Share Index declined by 0.74 per cent to close at 42,043.79 points, amid sell-offs on middle and large capitalised stocks.

Similarly, market capitalisation shed 0.74 per cent or N164.31bn to close at N21.99tn, while the year-to-date gain of the NSE ASI fell to 4.4 per cent.

Profit-taking by tier-1 banking stocks such as Zenith Bank Plc, Guaranty Trust Bank Plc, and United Bank for Africa Plc, dragged the banking index to fall by 3.06 per cent.

Hence, their respective prices fell by 3.13 per cent, 2.17 per cent, and 3.30 per cent.

Also, amid the bearish sentiment that dominated Tuesday’s trading, the bourse printed a wide margin of 50 losers against nine gainers.

Breakdowns across other sub-indices tracked indicated a negative performance as they closed in the red.

The insurance, consumer goods, oil and gas, and industrial indices declined by 2.26 per cent, 0.90 per cent, 0.52 per cent and 0.51 per cent, respectively.

Meanwhile, the market activity was still weak as total deals, volume, and value of stocks traded fell.

The total volume of trades moderated by 5.25 per cent to 0.55bn units, valued at N4.78bn, and exchanged in 7,110 deals.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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