Investors on the Nigerian Exchange, NGX, suffered a significant loss of N1.17 trillion on Tuesday, as the market's four-session bullish streak came to an end. The NGX market capitalisation fell by 0.73 per cent, from N160.421 trillion to N159.255 trillion, while the All-Share Index, ASI, shed 1,806.18 points to close at 246,723.57 points. This decline resulted in the market's year-to-date return decreasing to 58.55 per cent, despite a positive market breadth that saw 28 gainers compared to 27 losers.
Thomas Wyatt Nigeria led the losers, with a decline of 9.97 per cent to close at N2.89, followed by AVA Capital, which dropped 9.60 per cent to N8.95. International Energy Insurance also experienced a significant decline, falling 6.32 per cent to N4, while International Breweries shed 5.98 per cent to close at N11. On the other hand, UPDCREIT led the gainers, rising by 10 per cent to close at N14.85, with FTN Cocoa Processors gaining 9.88 per cent to close at N8.90. C&I Leasing and Sovereign Trust Insurance also saw significant gains, advancing 8.26 per cent and 6.74 per cent, respectively.
Trading volume increased substantially, with 3.909 billion shares valued at N32.38 billion exchanged in 45,608 deals, compared to 1.137 billion shares worth N27.02 billion traded in 59,185 deals on Monday. Fortis Global Insurance dominated trading, accounting for 3.29 billion shares worth N9.58 billion, which represented 84.22 per cent of the total volume and 29.57 per cent of the total value traded. As the market continues to experience fluctuations, investors will be closely watching the NGX's performance to determine what happens next.
