Equities investors lose N1.06trn as bears dominate market

Bearish sentiments dominated the Nigerian equities market on Tuesday as investors incurred a loss of N1.06 trillion.

Overall, the equities market capitalisation of the Nigerian Exchange lost N1.06 trillion, representing a decline of 1.66 per cent to close at N63.19 trillion.

The local bourse witnessed a strong bear contest, with the steepest daily decline in the year dragging key market performance indicators downward by 1.66 per cent. Thus, the All-Share Index (ASI) reduced by 1,745.16 basis points, representing a drop of 1.66 per cent to close at 103,622.09 basis points.

This downturn was primarily driven by significant sell-offs in prominent blue-chip and mid-cap stocks such as Dangote Cement, Julius Berger, MTN Nigeria Communication, and others.

On Tuesday, the market breadth closed negative, recording 23 gainers and 41 losers.

Northern Nigeria Flour Mills topped the advancers’ chart for the day with a price appreciation of 10.00 per cent, trailed by Livestock, which gained 9.91…