The Nigerian equities market closed lower on Tuesday, ahead of the two-day holiday for the Eid-ul-Adha celebration, as widespread sell-offs across sectors wiped out N889 billion from investors' wealth.
Market Indices Decline
The All-Share Index (ASI) dropped by 1,386.18 points, or 0.55 percent, to settle at 249,738.84 points. Similarly, the overall market capitalisation shed N889 billion to close at N160.094 trillion.
The negative performance was driven by price depreciation in large and medium capitalised stocks, including Transcorp Power, Unilever Nigeria, Dangote Sugar Refinery, Guaranty Trust Holding Company (GTCO), and Red Star Express.
Market Outlook
According to Cowry Assets Management Limited, market sentiment is expected to remain mixed in the next trading session as investors adopt a cautious stance ahead of the Muslim festive holidays on Wednesday and Thursday.
Market breadth remained weak, with 37 decliners outpacing 18 gainers. Austin Laz & Company and McNichols recorded the highest price gain of 10 percent each, closing at N4.40 and N7.92, respectively. International Energy Insurance followed with a gain of 9.89 percent to close at N4.11. Learn Africa rose by 9.44 percent to close at N12.75, while Haldane McCall gained 8.06 percent to close at N3.89.
Top Losers and Gainers
On the losing side, Dangote Sugar Refinery led the losers' chart with a 10 percent drop to close at N78.30. Transcorp Power declined by 9.97 percent to close at N245.50, while The Initiates Plc (TIP) lost 9.85 percent to close at N27.45. Abbey Mortgage Bank decreased by 9.49 percent to close at N6.20, and Fidelity Bank fell by 9.05 percent to close at N21.60.
Trading Activity
Total volume traded declined by 10.38 percent to 564.066 million units, valued at N27.222 billion, exchanged in 65,666 deals. Transactions in Access Holdings shares topped the activity chart with 80.607 million shares valued at N1.984 billion. Zenith Bank followed with 33.832 million shares worth N4.467 billion, while Mutual Benefits Assurance traded 31.807 million shares valued at N138.884 million. Neimeth International Pharmaceuticals traded 22.290 million shares valued at N232.969 million, and Sterling Financial Holdings Company transacted 22.159 million shares worth N172.425 million.
