ASI slips 0.33% as negative sentiments fuel Tuesday’s losses

By Chukwuma Umeorah

The Nigerian equities market weakened on Tuesday as sustained negative sentiment pushed the All-Share Index (ASI) down by 0.33 per cent to close at 146,938.86 points. The decline erased about N310.87 billion from the market capitalisation, which fell to N93.66 trillion, extending the market’s volatility despite a sharp rise in trading activity.

Investor mood remained broadly bearish, reflected in a market breadth of 0.65x, with 31 decliners outnumbering 22 gainers. Learn Africa Plc gained 9.57 per cent to close at N0.55 per share, followed by Mecure Industries Plc, which appreciated by 8.72 per cent to N2.60 per share, and DEAP Capital Management and Trust Plc, which rose 7.92 per cent to N0.12 per share. International Energy Insurance Plc gained 6.52 per cent to finish at N0.15 per share, while RT Briscoe Nigeria Plc advanced 5.96 per cent to N0.12 per share.

On the losers’ table, Austin Laz and Company Plc declined by 10.00 percent to N2.07 per share, while Eterna Plc shed 10.00 percent to N32.00 per share. Transcorp Hotels Plc fell 9.95 per cent to N155.00 per share, followed by Ikeja Hotel Plc, which dipped 9.65 per cent to N28.10 per share, and UAC of Nigeria Plc, which declined 9.09 per cent to N88.00 per share.

Sectoral performance showed widespread softness across the board. The NGX Insurance Index posted the steepest loss, down 1.53 per cent, while the NGX Consumer Goods Index fell 0.49 per cent. The NGX Industrial Goods Index and the NGX Banking Index slipped 0.06 per cent each. The Oil and Gas Index, however, managed a slight recovery of 0.08 percent, while the Consumer Goods Index closed flat.

Despite the bearish close, trading activity strengthened significantly.

Transaction volume surged by 258.34 per cent to 1.97 billion units, while the value of trades jumped 118.18 per cent to N30.23 billion. Total deals, however, fell by 23.44 per cent to 23,038. ETranzact International Plc led activity with 1.02 billion units traded, followed by Access Holdings Plc, Cornerstone Insurance Plc, Continental Holdings Plc, and FCMB Group Plc.

Cowry’s daily review notes highlighted that “Tuesday’s performance underscores persistent cautious trading conditions as investors reposition ahead of year-end adjustments, despite the market maintaining a strong 42.76 per cent year-to-date gain.”