Market Sheds ₦152bn as Tier-One Banking Stocks Drag Indices Down
The Nigerian stock market experienced a sharp decline on Tuesday, losing ₦152 billion in market capitalization due to sell-offs in Tier-One banking stocks and other equities.
Heavy losses in stocks such as Zenith Bank, United Bank for Africa (UBA), Access Corporation, Oando Plc, Dangote Sugar, and Nigerian Breweries contributed to the slump.
The market capitalization, which opened at ₦63.203 trillion, dropped by 0.24% to close at ₦63.051 trillion. Similarly, the All-Share Index fell by 249.42 points, settling at 103,398.82 from 103,648.24 recorded on Monday.
This dip reduced the Year-To-Date (YTD) return to 0.46%.
Gainers and Losers
Market breadth closed negative, with 51 losers overshadowing 18 gainers.
Top Losers
FTN Cocoa, RT Briscoe, and Veritas Kapital led the decline, shedding 10% each to close at ₦1.80, ₦2.70, and ₦1.53 per share, respectively. Sunu Assurances and Cornerstone Insurance followed, losing 9.98% each to close at ₦10.01 and ₦4.15 per share.
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Top Gainers
Abbey Mortgage Bank and PZ Nigeria led the gainers, rising 10% each to close at ₦3.63 and ₦27.50 per share, respectively. Learn Africa gained 9.90% to close at ₦5.44, NCR Nigeria added 9.77% to close at ₦7.30, and NGX Group increased 9.72% to close at ₦29.90 per share.
Market Activity
Trade turnover improved, with transaction values rising by 10.48%. A total of 1.11 billion shares worth ₦14.64 billion were exchanged in 16,617 deals, compared to 855.97 million shares valued at ₦13.25 billion traded in 16,505 deals in the previous session.
FBN Holdings dominated trading activity, leading in both volume and value with 161.46 million shares worth ₦4.72 billion exchanged.
Despite Tuesday’s dip, market participants remain optimistic about potential recovery in subsequent sessions.
