NGX loses N468bn as profit-taking drags index lower

File: Nigerian Exchange trading floor

The Nigerian equity market reversed previous gains on Tuesday as aggressive profit-taking across key heavyweight stocks pulled the benchmark All-Share Index lower.

Investors lost approximately N468.63bn in total equity valuation as the market capitalisation dropped from N163.99tn recorded on Monday to close at N163.53tn. Similarly, the All-Share Index fell by 721.91 points or 0.29 per cent to close at 251,913.20 points compared to its previous closing level of 252,635.11 points.

Trading sentiment reflected heightened selling pressure, particularly in the banking, industrial, and consumer goods sectors. Sovereign Trust Insurance led the decliners, shedding 9.92 per cent to close at N2.36, followed closely by consumer goods giant Unilever Nigeria, which dropped 8.55 per cent to N100.50.

Other prominent laggards included Neimeth International Pharmaceuticals, which fell by 6.02 per cent to N7.80, and BUA Cement, which dropped 3.10 per cent to finish at N287.80. Financial sector majors GTCO and Zenith Bank also faced downward pressure, shedding 3.28 per cent and 1.03 per cent to settle at N132.50 and N134.00, respectively.

Despite the overall market dip, several stocks posted strong gains to cushion the downturn. NPF Microfinance Bank and LivingTrust Mortgage Bank led the gainers’ chart, with both equities advancing by 10.00 percent to close at N4.40 and N2.86, respectively.

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Insurance stock WAPIC increased by 9.95 per cent to N2.43, while VFD Group gained 9.84 per cent to finish at N13.40. Hospitality major Transcorp Hotels also recorded an impressive rally, rising by 9.42 per cent to reach N290.50 per share.

‎In terms of sectorial performance, the NGX Banking Index contracted by 0.91 per cent to 2,727.81 points, driven down by profit-taking in tier-one lenders. The Consumer Goods Index declined by 0.83 per cent to 4,056.52 points, while the Industrial Goods Index dropped 0.91 per cent to close at 10,372.27 points.

‎Conversely, the Insurance sector stood out as a bright spot, with the NGX Insurance Index rising by 0.38 per cent to close at 1,098.22 points. Market activity ended with a total exchange of 548.65 million shares traded across 47,203 deals.