The Nigerian stock market continued its downward trend on Tuesday, with investors facing a significant ₦183 billion decline in market value. The total market capitalisation of the Nigerian Exchange (NGX) slipped from ₦72.680 trillion on Monday to ₦72.497 trillion at the close of Tuesday’s trading session.
The benchmark All-Share Index (ASI) also saw a setback, shedding 348.61 points, or 0.30%, to close at 114,910.16, compared to 115,258.77 in the previous session.
This decline was largely driven by price losses in key equities including Transcorp Power, Oando, Ellah Lakes, Omatek, Custodian Investment, and over 30 other companies.
Market breadth leaned negative, as 35 stocks recorded losses, while 29 posted gains.
Major Decliners
- Transcorp Power Plc led the losers with a 9.98% drop, closing at ₦295.70 per share.
- Oando Plc declined 9.97%, finishing at ₦58.25.
- Ellah Lakes shed 9.87%, ending at ₦4.29.
- Omatek Ventures dropped 9.33% to 68k per share.
- Custodian Investment Plc fell by 8.63% to ₦22.75.
Gainers
Despite the broader market dip, several stocks managed to post gains:
- C&I Leasing, Learn Africa, and Mutual Benefits Assurance each climbed 10%.
- University Press rose 9.82% to ₦5.48.
- Deap Capital Management advanced by 8.64% to 88k.
Trading Activity
Trading volume increased on Tuesday, with 787.31 million shares changing hands in 23,170 deals, valued at ₦25.67 billion. This marked an uptick from Monday’s 721.75 million shares worth ₦22.01 billion across 22,100 transactions.
Leading the activity chart:
- Zenith Bank: 96.23 million shares valued at ₦4.25 billion
- GTCO (Guaranty Trust Holding Company): 83.36 million shares worth ₦6.24 billion
- United Bank for Africa (UBA): 65.16 million shares worth ₦2.11 billion
- Access Corporation: 64.21 million shares at ₦1.30 billion
- Ecobank Transnational Inc.: 51.73 million shares worth ₦1.57 billion
As the market navigates ongoing macroeconomic and policy developments, analysts expect continued volatility in the near term. Investors are advised to monitor market trends closely and exercise caution in the current trading climate.
