The Nigerian Exchange Ltd. (NGX) saw its four-day upward trend come to an end on Tuesday as heavy selling of major stocks caused the market capitalisation to drop by N1.166 trillion. The total market value dipped 0.73 per cent, moving from N160.421 trillion down to N159.255 trillion. Additionally, the All-Share Index fell by 1,806.18 points, settling at 246,723.57.
Even with 28 stocks gaining value compared to 27 that declined, the year-to-date return dropped to 58.55 per cent. Thomas Wyatt Nigeria faced the steepest decline at 9.97 per cent, ending at N2.89, with AVA Capital trailing closely with a 9.60 per cent loss. Other notable decliners included International Energy Insurance, International Breweries, and Guinea Insurance.
Conversely, UPDCREIT emerged as the top performer with a 10 per cent gain, reaching N14.85. FTN Cocoa Processors, C&I Leasing, Sovereign Trust Insurance, and Regency Alliance Insurance also posted notable gains.
Trading activity saw a significant jump in volume, reaching 3.909 billion shares valued at N32.38 billion across 45,608 transactions, a marked increase from Monday’s 1.137 billion shares. Fortis Global Insurance was the most active stock, moving 3.29 billion shares, which made up roughly 84 per cent of the day’s total trading volume.
