The Nigerian Exchange Limited (NGX) on Tuesday, extended its previous day losses declining by N371 billion as investors continue to react to the volatility in the global stock market. The benchmark All-Share Index (ASI) dropped by 653.89 basis points or 0.67 per cent, closing at 96,928.52 basis points from its opening value of 97,745.73.

Consequently, market capitalisation fell, ending the day at N55.00 trillion compared to N55.404 trillion at the start while Year-to-Date (Ytd) gain moderated at 30.5 percent. Experts warn that the ongoing volatility and domestic unrest could further affect investor confidence on the local bourse, although the global tension saw some stability at the close of Tuesday’s trading session as some indices showed signs of recovery.

Meanwhile, Tuesday’s negative performance on the NGX were driven by sell-offs in key stocks, including BUA Cement, Fidelity Bank, GTCO, Transcorp and 21 others. Despite the negative trend, trading volume and turnover showed improvement with a total of 449.2 million unit of shares valued at N6.74 billion changing hands in 9,381 deals. Compared with the previous NGX trading day, the data shows a 39 per cent improvement in volume, eight per cent improvement in turnover, but four per cent decline in deals.

The session saw 120 equities participating, with 30 gainers and 25 losers. National Salt Company (NASCON) and Academy Press led the gainers with a 10 per cent share price increase each, closing at N32.45 and N2.20 per share respectively. They were closely followed by a 9.89 percent gain in Oando closing at N30.55 per share.

Skyway Aviation Handling Co. also gained 9.80 per cent closing at N22.40 while RTBRISCOE added 9.78 per cent and ended the day’s trade at N1.01 per share.

Conversely, BUA Cement experienced the most significant decline, with a 9.99 per cent decrease to N128.90 per share, followed by Thomas Wyatt Nigeria losing 8.52 per cent to close at N1.61 per share while Champion Breweries lost 7.97 per cent and closed at N2.77 per share.

United Bank for Africa was the most active stock trading 62.8 million units of shares valued at N1.3 billion while exchanged 36 million shares at N1.1 billion.

Sun