Total share value on the Nigerian Exchange (NGX) Ltd. on Tuesday dropped by N83 billion or 16.2 percent due to selloffs in the stocks of Tier-One banks.
Specifically, a total of 263.19 billion shares valued at N4.30 billion were exchanged in 8,614 deals, against 242.43 billion shares worth N5.13 billion exchanged in 8,715 deals transacted on Monday.
Selloffs in Tier-one banks namely: Zenith Bank, Guaranty Trust Holding Company (GTCO) and the United Bank of Africa (UBA) dragged the market down.
On the activity chart, Veritas Kapital Assurance led in volume with 49.07 million shares valued at N3.91 million, followed by United Bank for Africa (UBA) with 24.34 million shares worth N587.50 million.
Fidelity Bank sold 20.08 shares worth N217.33 million, Transcorp traded 17.92 shares valued at N235.27 million and Zenith Bank transacted 16.02 shares worth N578.15 million.
On the losers’ chart, PZ Cusson Nigeria led by 9.87 percent to close at N25.10, followed by Morison Industries Plc by 9.84 percent to close at N2.75 per share.
Computer Warehouse Group and ETranzact also lost 9.70 percent each to close at N6.05 respectively, while Sovereign Trust Insurance shed 9.62 percent to close at 47k per share.
On the other hand, Honeywell Flour led the gainers’ chart by 9.92 percent to close at N4.32, Juli gained 9.90 percent to close at N1.11, while Cornerstone Insurance garnered 9.88 percent to close at N2.67.
ABC Transport rose by 9.76 percent to close at 90k, while Veritas Kapital Assurance grew by 9.59 percent to close at 80k.
Consequently, the All-Share Index shed 0.33 percent or 334.62 points to close at 101,707.70, compared with 102,042.32 posted on Monday.
Investors also lost N184 billion or 0.33 percent, as the market capitalisation closed at N55.652 trillion, as against N55.836 trillion recorded previously.
As a result, the Year-To-Date (YTD) return fell to 36.02 percent.
Meanwhile, market breadth closed negative with 28 declining issues outnumbering 23 advancing ones.