Nigerian Equities Extended Their Declines on Tuesday

Equities in Africa’s largest economy Nigeria extended their declines on Tuesday despite investors jumping on banking stocks.

Activity level was surprisingly high as investors transacted 754,933,491 shares worth N3.638 billion in 4,330 deals during the trading hours of Tuesday, against a total of 291,881,948 shares valued at N2.855 billion that exchanged hands in 4,792 transactions on Monday.

The market value of all listed equities declined by N58 billion from N25.472 trillion it closed on Monday to N25.414 trillion, while the Nigerian Exchange Limited (NGX) All-Share Index depreciated by 0.23% to 47,154.35 index points from 47,262.61 index points.

Breaking down sectorial performance, the NGX banking index dipped by 6 basis points on a 10% decline in the value of Jaiz Bank, 1.48% drop in Access Bank, 4% depreciation in Fidelity Bank and 0.9% decline in Zenith Bank. The few gainers were Union Bank, Unity Bank, Ecobank and Sterling Bank.

The NGX consumer index dipped by 215bps on the decline in Honey Flour, Flour Mill, NB and Nestle. Vita Foam gained 2.82%.

Again, the oil and gas index lost 77bps on depreciation in the value of Conoil, Ardova and Oando. The industrial index also lost 12bps on a decline of 2.08% in WAPCO. A total of 16 stocks closed in the green, against 28 stocks that lost points.

The Exchange year-to-date gain moderated to 10.39%. See the details of top gainers and losers below.

Top Gainers

Top Losers

Top Trades