Investors lost ₦904 billion on Tuesday as sell-offs in major stocks dragged the Nigerian equities market into negative territory.
The decline ended a four-day rally on the Nigerian Exchange Ltd. (NGX).
Heavy profit-taking in Guinness Nigeria, Union Dicon Salt, AIICO Insurance, Wema Bank, MTN Nigeria, and other stocks pressured market performance.
At the close of trading, market capitalization fell from ₦156.056 trillion to ₦155.152 trillion, representing a loss of ₦904 billion or 0.58 per cent.
The All-Share Index declined by 1,408.82 points, or 0.58 per cent, closing at 241,750.15, down from 243,158.97 recorded on Monday.
Consequently, the market’s year-to-date return moderated to 55.35 per cent.
Despite the losses, market sentiment remained largely positive, with 46 gainers against 26 losers.
Vitafoam Nigeria, Zichis Agro Allied Industries, RT Briscoe, and McNichols topped the gainers’ chart, each appreciating by 10 per cent. Vitafoam closed at ₦170.50, Zichis at ₦25.08, RT Briscoe at ₦12.87, and McNichols at ₦7.92 per share. Chemical and Allied Products Plc also rose by 9.99 per cent, closing at ₦175.65.
On the losers’ table, Guinness Nigeria led the decliners, shedding 10 per cent to close at ₦447.30 per share. Union Dicon Salt dropped 9.82 per cent to ₦19.75, while AIICO Insurance lost 9.28 per cent to close at ₦4.30. Wema Bank fell 8.72 per cent to ₦30.35, and MTN Nigeria declined 8.63 per cent to ₦836 per share.
Trading activity weakened as total volume decreased by 9.85 per cent. A total of 1.27 billion shares worth ₦75.23 billion were exchanged in 102,665 deals.
FCMB Group Plc led the volume chart with 160.59 million shares traded, accounting for 12.66 per cent of total volume. Guaranty Trust Holding Company Plc recorded the highest transaction value at ₦13.09 billion, representing 17.40 per cent of the day’s turnover.
