October 11, (THEWILL) – The Nigerian equities market on Tuesday reversed previous day’s gains following the late profit-taking activities in Presco (-9.5% from N201.20 share price) and Ecobank (-5.3% against N16 per share).
Consequently, the All-Share Index lost 0.2% to close at 66,984.62 points against 67,101.33 points, with the Month-To-Date and Year-To-Date returns moderating to +0.9% and +30.7%, respectively.
Market capitalisation dropped to N36.80 trillion on Tuesday against N38.86, pushing the local bourse into N64 billion loss.
The total volume traded declined by 4.2% to 257.42 million units, valued at NGN7.80 billion, and exchanged in 6,498 deals. Fidelity Bank was the most traded stock by volume at 53.40 million units, while SEPLAT was the most traded stock by value at NGN3.85 billion.
Analysing by sectors, the Banking (-1.1%), Insurance (-0.7%), and Consumer Goods (-0.1%) indices declined while the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.5x), as 13 tickers lost relative to 27 gainers. JOHNHOLT (-10.0%) and PRESCO (-9.5%) topped the losers’ list, while MCNICHOLS (+10.0%) and CAPHOTEL (+9.8%) recorded the most significant gains of the day.
On the foreign exchange market, the Naira gained 1 percent against the dollar – closed 765.83 on Tuesday against N773,74/$ the previous day. However, trade volume (turnover) dropped to $60.30 million from $96.58 million on Monday.
Data by abokiFX, a daily autonomous rate-tracking platform, showed the Naira closed at N1,010/$ against N1,001/$ on the previous day’s trading.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
