Stock Market: Market value losses N37bn

Following a six-day consecutive bullish run on the floor of the Nigerian Exchange Limited, the stock market had a N37 billion loss on Tuesday due to profit-taking activities.

The All-Share Index lost 67.98 absolute points, or 0.13 percent, to end the day at 54,299.76 points.

Similarly, the market capitalization as a whole decreased by N37 billion to conclude at N29.576 trillion.

The price decline in major and medium-capitalized firms such Geregu Power, Dangote Cement, Nigerian Exchange Group, Ardova, and UAC of Nigeria was the primary driver of this bearishness.

As 26 equities fell relative to 20 gains, market breadth ended in the negative. Conoil experienced the largest price increase of 10%, closing at N29.50 per share.

Following closely behind, MRS Oil Nigeria increased by 9.82% to close at N21.25, while International Energy Insurance increased by 9.35% to close at N1.17 per share.

Wapic Insurance increased by 4.65% to conclude at N0.45 kobo per share, while GlaxoSmithKline Consumer Nigeria increased by 6.92% to close at N6.95.

Japaul Gold & Ventures, on the other hand, headed the losers' chart with a decrease of 9.38% to close at N0.29 kobo, and FCMB Group was next with a drop of 7.82% to conclude at N4.60 per share.

Linkage Assurance and UACN each lost 6.12% of their value to settle at N0.46 kobo and N9.20 per share, while Royal Exchange lost 7.32 percent to close at N0.76 kobo.

A total of 4,380 deals totaling 200.035 million units for N7.622 billion represented a 4.38 percent increase in trade volume.

With 27.983 million shares traded for a total value of N130.017 million, transactions in FCMB Group shares topped the list of activity.

Sterling Bank traded 18.837 million shares valued at N28.934 million, followed by Geregu Power with 21.130 million shares worth N4.176 billion.

Zenith Bank traded 14.670 million shares for N366.988 million, while Transnational Corporation of Nigeria traded 15.768 million shares worth N21.164 million.