The Nigerian Exchange continued its losing streak on Tuesday, shedding N265bn as weak investor sentiment persisted. This marks the second consecutive loss of the week, dragging market capitalisation down to N66.1tn from the previous day’s N66.3tn.
At the close of trading, the All-Share Index declined by 423.48 points, representing a 0.4 per cent drop to 105,375.69. The latest downturn extended the market’s one-week loss to 0.75 per cent and a four-week decline of 2.13 per cent, though the market remains up by 2.38 per cent year-to-date.
Market activity saw a total of 349.98 million shares traded in 11,230 deals, with a turnover of N8.22bn. This reflected a 27 per cent decline in volume compared to the previous trading session, even as turnover improved by 17 per cent, while the number of deals declined by 17 per cent.
Sectoral performance was mixed, with the Insurance Index emerging as the top performer, gaining 1.11 per cent, followed by the Consumer Goods Index, which rose 0.17 per cent. However, the Premium Index dipped 0.24 per cent, the Pension Index fell 0.15 per cent, and the Oil and Gas Index declined 0.06 per cent.
Despite the broader market decline, some stocks recorded gains. Neimeth International Pharmaceuticals Plc led the gainers’ chart with a 10 per cent increase, closing at N2.97 per share. It was followed by Northern Nigeria Flour Mills Plc, which gained 9.99 per cent to close at N79.80 per share.
Other notable gainers included Custodian and Allied Plc, which rose 9.69 per cent to N21.50 per share; Sunu Assurances Nigeria Plc, up 7.99 per cent to N5.00 per share; Guinea Insurance Plc, which appreciated 7.69 per cent to N0.70 per share; and Wapic Insurance Plc, gaining 7.02 per cent to close at N2.59 per share.
On the losing side, BUA Cement Plc recorded the highest decline, dropping 10 per cent to close at N83.70 per share. It was followed by Ellah Lakes Plc, which fell 4.82 per cent to N3.16 per share; Regency Alliance Insurance Plc, which lost 4.41 per cent to N0.65 per share; Wema Bank Plc, which declined 4.19 per cent to N10.30 per share; Omatek Ventures Plc, down 2.99 per cent to N0.65 per share; and NEM Insurance Plc, which shed 2.88 per cent to N13.50 per share.
In terms of trading volume, Access Holdings Plc recorded the highest activity with 36.8 million traded shares, followed by Universal Insurance Plc with 30.1 million shares, Fidelity Bank Plc with 28.9 million shares, and Jaiz Bank Plc with 22 million shares.
The PUNCH reported that the Nigerian Exchange extended its losing streak on Monday, shedding N8bn as investors continued to react to market headwinds.
