Consequently, the local bourse concluded trading today on a negative note. The performance indicators of the Nigerian Exchange fell by 0.24% on Tuesday, while year-to-date returns adjusted in anticipation of December's inflation data set to be released next week.
This market decline was primarily influenced by investors engaging in profit-taking on medium- and large-cap stocks that had seen significant appreciation across various sectors.
The insurance index became a focal point for profit-taking following its rapid ascent throughout the year. The All-Share Index decreased by 249.42 basis points, closing at 103,398.82, as reported by the Nigerian Exchange.
Despite the downturn, market activity saw an increase, with total volume and value traded on the NGX rising by 29.94% and 10.48%, respectively. According to a market update from Atlass Portfolios Limited, approximately 1,112.22 million units valued at ₦14,638.30 million were traded across 16,617 transactions.
In terms of trading volume, FBNH led the market, representing 14.55% of the total volume traded on Tuesday. Other significant contributors included AIICO (10.87%), TANTALIZER (9.44%), UNIVINSURE (8.45%), and REGALINS (4.26%), completing the top five.
FBNH also ranked as the most actively traded stock in terms of value, accounting for 32.26% of the total trade value on the exchange.
ABBEYBDS and PZ topped the list of gainers, each experiencing a price increase of 10.00%. Other notable gainers included LEARNAFRCA (+9.90%), NCR (+9.77%), NGXGROUP (+9.72%), MULTIVERSE (+9.60%), THOMASWY (+9.47%), along with twelve additional stocks.
Trading records indicated that fifty stocks experienced a decline in the equities market. FTNCOCOA, RTBRISCOE, and VERITASKAP were the leading decliners, each recording a price drop of -10.00%.
Other notable losers included CORNERST (-9.98%), HONYFLOUR (-9.92%), AIICO (-9.52%), VITAFOAM (-7.79%), and JAPAULGOLD (-5.22%). As a result of the trading activity, the market breadth ended on a negative note, with 19 stocks gaining and 50 losing.
Sector performance also reflected a downward trend, with four out of five major market sectors declining. The insurance sector fell by 7.68%, followed by a -0.64% decrease in the banking sector, a -0.38% dip in the consumer goods sector, and a -0.10% drop in the oil & gas sector.
The industrial sector remained stable. In summary, the total market capitalization of the Nigerian Exchange decreased by N152.09 billion, bringing it to ₦63.05 trillion.