Market Slips On Banking, Consumer Goods Sectors’ Weight

Nigeria’s equities market experienced a downturn on Tuesday, driven by significant losses in Banking and Consumer Goods stocks. The All Share Index (ASI) fell by 0.12 per cent, closing at 97,584.81 points, while market capitalisation contracted by N70.04 billion to settle at N56.08 trillion.

This marked a retreat from the previous day’s figures of 97,706.7 points and N56.145 trillion. In a session marked by active trading, 719,111,176 shares worth N8.341 billion were exchanged across 9,435 deals.

Declines in major stocks, including MTNN (-0.58%), GTCO (-3.67%), and ZE – NITHBANK (-0.27%), offset gains made by SEPLAT (+5.09%), FBNH (+2.36%), and ACCESSCORP (+1.02%). As a result, Month-toDate (MtD) and Year-to-Date (YtD) returns stood at -1.0 per cent and +30.5 per cent, respectively.

The sharpest drop was seen in Guinness Nigeria, which plunged by 10 per cent, falling from N68 to N61.20. Africa Prudential also saw a significant decline, dropping by 9.86 per cent, while International Breweries lost 9.07 per cent, CWG shed 6.98 per cent, and UPDC slipped by 5.95 per cent.

Despite these setbacks, trade turnover saw a notable increase, with transaction value surging by 39.92 per cent compared to the prior session. WAPIC led the volume chart, trading 402.26 million units, while SEPLAT dominated the value charts with N2.25 billion in deals.