The Nigerian Exchange (NGX) closed lower on Tuesday, with investors losing N479bn as renewed sell pressure across major stocks weighed on market performance.
The downturn saw the benchmark All-Share Index (ASI) decline by 874.00 points, representing a 0.35 per cent drop, to close at 246,686.66 points. Consequently, the market capitalisation of listed equities fell to N158.219tn.
The negative outing was driven by losses in several blue-chip and medium-cap stocks, including PZ Cussons Nigeria, Nigerian Exchange Group, FBN Holdings, Wema Bank and Zenith Bank, as investors locked in profits following recent gains.
The market recorded a weak breadth, with decliners significantly outnumbering gainers. A total of 37 stocks closed in the red compared to 14 that posted gains, reflecting the prevailing bearish mood among investors.
Among the biggest losers, PZ Cussons Nigeria and CWG each shed 10 per cent to close at N88.20 and N21.60 per share respectively. Associated Bus Company lost 9.95 per cent to settle at N6.88, while Wema Bank declined by 9.09 per cent to N30.00 per share. Sovereign Trust Insurance also fell 8.16 per cent to close at N2.70.
On the gainers’ table, International Energy Insurance emerged as the top performer after appreciating by 9.86 per cent to N5.46 per share. Trans-Nationwide Express gained 7.14 per cent to close at N5.10, while Neimeth International Pharmaceuticals advanced 6.80 per cent to N11.00.
Living Trust Mortgage Bank recorded a five per cent increase to close at N4.20, while Abbey Mortgage Bank rose by 4.44 per cent to N7.05 per share.
Trading activity also weakened during the session as investors traded fewer shares compared to the previous day. Total volume declined by 47.9 per cent to 587.64 million shares valued at N23.06bn across 63,954 deals.
Access Holdings led the activity chart with 113.10 million shares worth N2.71bn changing hands. Zenith Bank followed with transactions involving 38.09 million shares valued at N4.81bn.
Other actively traded stocks included Consolidated Hallmark Holdings, Neimeth International Pharmaceuticals and Sterling Financial Holdings Company.
Market observers noted that the pullback reflects investors’ profit-taking activities in key sectors, particularly banking and consumer goods, which contributed significantly to the market’s overall decline.
Despite the bearish close, analysts maintain that selective buying interest in insurance, healthcare and mortgage banking stocks suggests investors are still positioning for opportunities in sectors perceived to offer value amid current market conditions.
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