NGX All Share Index Falls 0.49%, Investors Lose N590bn

On Tuesday, the Nigerian Exchange (NGX) All Share Index experienced a decline of 0.49%, closing at 189,321.24 points, which trimmed the year-to-date return to 21.66%. The market capitalization fell by 0.47%, losing N590 billion and settling at N121.5 trillion.

Despite the overall market decline, sentiment remained mildly positive, with a market breadth of 1.1x, as 44 stocks advanced compared to 40 that declined. Analysts from Cowry Asset Management attributed the bearish trend to strong buying strength in certain stocks, with Abtran, Zichi, Redstar, and Meyer Japaulgold topping the gainers' chart.

Conversely, the banking index posted the sharpest decline of 3.69%, followed by insurance at 0.57%, industrial at 0.50%, and oil and gas at 0.06%. In contrast, consumer goods recorded a gain of 2.54%.

Trading activity saw a surge in the number of deals, increasing by 34.82% to 86,697 transactions, although the total transaction value decreased by 4.44% to N60.19 billion.