The Nigerian Exchange Limited (NGX) closed lower on Tuesday as investors engaged in profit-taking across selected equities, dragging the benchmark index down despite sustained activity in major banking and industrial stocks.
The NGX All-Share Index (ASI) declined by 0.50 percent to close at 241,984.80 points, while equity market capitalisation fell to ₦155.20 trillion.
Investors traded 535.53 million shares valued at ₦36.84 billion in 55,123 deals, indicating continued market participation even as sentiment weakened during the session.
The decline was largely driven by losses in consumer goods, insurance and selected industrial stocks, while gains in oil and gas, healthcare and financial services stocks helped cushion the overall market downturn.
Conoil Plc led the gainers’ chart after appreciating by 9.79 percent from ₦194.00 to ₦213.00 per share.
Prestige Assurance Plc also gained 9.79 percent to close at ₦1.57, while Neimeth International Pharmaceuticals Plc rose by 9.74 percent to ₦8.45.
eTranzact International Plc advanced 9.40 percent to ₦16.30, while Cornerstone Insurance Plc added 9.09 percent to settle at ₦5.40.
On the losers’ table, FGSUK2033S6 recorded the steepest decline, falling 12.17 percent from ₦114.99 to ₦100.99.
International Energy Insurance Plc shed 10.00 percent to close at ₦5.76, while Vitafoam Nigeria Plc dropped 10.00 percent to ₦189.00. Austin Laz & Company Plc declined by 9.93 percent to ₦3.90, and SUNU Assurances Nigeria Plc lost 9.82 percent to close at ₦3.58.
Sterling Financial Holdings Company Plc emerged as the most actively traded stock by volume with 100.90 million shares exchanged during the session. UACN Plc followed with 49.37 million shares, while Access Holdings Plc recorded 28.76 million shares traded.
In terms of value traded, UACN dominated the market with transactions worth approximately ₦9.12 billion, significantly ahead of other stocks.
Zenith Bank Plc generated ₦3.01 billion in turnover, while GTCO Plc recorded ₦2.65 billion. Access Holdings Plc and Sterling Financial Holdings also featured among the most actively traded counters.
The concentration of turnover in a handful of large-cap stocks suggests that institutional investors remained active despite the broader market weakness. UACN alone accounted for a substantial portion of total market value traded during the session.
Activity in the exchange-traded fund segment was mixed. VSPBONDETF gained ₦20.00 to close at ₦232.00, while VETBANK, VETGOODS, VETGRIF30 and VETINDETF all recorded declines.
Market analysts attributed the negative close to profit-taking following recent gains in several sectors. The decline in trading volume and value compared to the high-liquidity sessions recorded earlier in June indicates that investors have become more selective in their positioning.
Despite the market’s decline, continued activity in banking stocks such as Zenith Bank, GTCO and Access Holdings suggests that institutional interest remains concentrated in highly liquid and fundamentally strong counters.
With investors balancing profit-taking against selective accumulation opportunities, market participants are expected to monitor corporate developments, earnings expectations and macroeconomic indicators for direction in the coming trading sessions.
