The Nigerian equities market reversed its bullish trend on Tuesday, recording a loss of N577 billion after a 13-day consecutive rally.
Selloffs in major stocks like: Skyway Aviation Handling Company, Zenith Bank, Mecure, RT Briscoe, Tripple Gee and 35 other declining stocks drove the market into negative territory.
According to local media reports, the market capitalisation of listed equities dropped by N577 billion, or 0.48 per cent, from N122.129 trillion to close at N121.552 trillion on Tuesday.
Similarly, the All-Share Index (ASI) declined by 0.48 per cent, shedding 899.50 points to close at 189,362.94 compared to 190,262.44 on Monday.
This brought the year-to-date return down to 21.66 per cent.
However, the market breadth closed positive, recording 44 gainers and 40 losers.
The reports added that ABC Transport led the gainers’ table by 9.94 per cent, settling at N9.07, Zichis trailed by 9.93 per cent, closing at N13 06, while Red Star Express increased by 9.87 per cent, ending the session at N29.50 per share, while Meyer rose by 9.81 per cent, finishing at N22.95 and Japaul Gold soared by 9.78 per year, closing at N3.03 per share.
Conversely, Skyway Aviation Handling Company, Mecure and Zenith Bank led the losers’ table by 10 per cent each, settling at N117, N93.60 and N80.55 per share respectively.
Similarly, RT Briscoe lost by 9.95 per cent, finishing at N14.12 and Tripple Gee shed by 9.77 per cent, closing at N6 per share.
An evaluation of the market activity revealed a 12 per cent growth in volume, 34 per cent increase in deals but six per cent decline in value.
According to the reports, a total of 1.2 billion shares worth N60.2 billion were exchanged across 86,607 transactions, compared to 1.1 billion shares valued at N64.02 billion traded in 64,821 deals earlier on Monday.
Meanwhile, Access Corporation recorded the highest volume with 103.49 million shares traded, accounting for 8.62 per cent of the day’s total volume, while Zenith Bank recorded the highest value traded at N8.01 billion, accounting for 13.30 per cent of the total value traded for the day.
GIK/APA