Equities Market shed N599BN, Highest Daily Loss since February 19

The Nigerian equities market sank deeper on Tuesday to record its eighth consecutive bearish session and highest daily losses since February 19.

At the close of the day, investors lost N599 billion as the benchmark Index closed 1.93% weaker o close at 99,808.34 basis points.

The market’s weak performance was driven by selloffs in telco heavyweight, MTNN (-1.32%) alongside Tier-1 banking tickers, GTCO (-3.66%), FBNH (-5.61%).

As a result, the year-to-date (YTD) return fell to 33.48%, while the market capitalization lost ₦1.11trn to close at ₦56.45trn.

Analysis of Tuesday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 16.91%.

A total of 403.89 million shares valued at ₦8.38 billion were exchanged in 10,170 deals. ACCESSCORP (-8.63%) led the volume chart with 62.93m units traded while GTCO (-3.66%) led the value charts in deals worth ₦1.74 bn.

Market breadth closed negative at a 0.14-to-1 ratio with declining issues outnumbering the advancing ones. FIDELITYBK (-10.00%) topped forty-eight (48) others on the laggard’s table while MORISON (+9.96%) led six others on the leader’s log.