The Nigerian equities market closed on a negative note on Tuesday, as a pre-holiday hangover triggered a broad-based sell-off across the bourse, wiping N889 billion off investors’ portfolios.
The sharp contraction occurred just as the Federal Government declared Wednesday and Thursday public holidays to mark the Eid-el-Kabir celebrations, prompting traders to liquidate positions to preserve capital ahead of the festive break.
At the close of trading activities, the All-Share Index declined by 1,386.18 points, representing a loss of 0.55 per cent to close at 249,738.84 points.
In tandem with the benchmark index, the overall market capitalisation value shed N889bn to close at N160.094tn, down from its previous trading position.
Market analysts observed that sentiment remained highly mixed as institutional investors positioned cautiously, preferring to remain on the sidelines ahead of the two-day closure.
The day’s negative performance was heavily driven by price depreciation in large and medium-capitalised stocks, including Transcorp Power, Unilever Nigeria Plc, Dangote Sugar Refinery Plc, Guaranty Trust Holding Company Plc, and Red Star Express Plc.
Market breadth, which measures investor sentiment, remained weak as 37 decliners heavily outweighed 18 gainers at the end of the session.
Dangote Sugar Refinery led the losers’ chart with a maximum daily price decline of 10 per cent to close at N78.30 per share.
Transcorp Power followed closely with a depreciation of 9.97 per cent to close at N245.50, while The Initiates Plc lost 9.85 per cent to close at N27.45 per share.
Similarly, Abbey Mortgage Bank dropped 9.49 per cent to close at N6.20, and Fidelity Bank Plc declined 9.05 per cent to close at N21.60 per share.
Conversely, Austin Laz & Company and McNichols recorded the highest price gains of the day, rising 10 per cent each to close at N4.40 and N7.92, respectively. International Energy Insurance followed with a gain of 9.89 per cent to close at N4.11 per share, while Learn Africa and Haldane McCall advanced 9.44 per cent and 8.06 per cent to close at N12.75 and N3.89 per share, respectively.
Activity charts mirrored the cautious outlook as total volume traded declined 10.38 per cent to 564.066 million units, valued at N27.222bn and exchanged in 65,666 deals.
Transactions in the shares of Access Holdings Plc topped the activity chart by volume, with 80.607 million shares valued at N1.984bn.
Zenith Bank Plc followed as the value leader, trading 33.832 million shares worth N4.467bn, while Mutual Benefits Assurance Plc, Neimeth International Pharmaceuticals Plc, and Sterling Financial Holdings Company completed the top five most traded equities for the session.
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