Nigerian stock market sheds N577bn after N11.86tn gain

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After a series of gains that amounted to more than N11.86 trillion, the Nigerian equities market reversed its recent bullish trend on Tuesday, incurring a loss of N577 billion.

The market capitalization of listed equities fell by N577 billion, reflecting a 0.48 percent decrease from N122.129 trillion to N121.552 trillion.

Likewise, the All-Share Index (ASI) decreased by 0.48 percent, losing 899.50 points to end at 189,362.94, down from the 190,262.44 recorded on Monday.

Due to the decrease, the year-to-date return has adjusted to 21.66 percent. Even with the decline, market breadth stayed positive, recording 44 gainers compared to 40 losers.

ABC Transport led the gainers’ table with a 9.94 percent increase, followed by Zichis, Red Star Express, Meyer, and Japaul Gold.

On the other hand, Skyway Aviation Handling Company, Mecure, and Zenith Bank topped the list of losers with a 10 percent drop each. RT Briscoe and Tripple Gee followed behind them.

While a 12 percent increase in trading volume and a 34 percent rise in the number of deals were observed, the total value traded fell by six percent, according to the analysis of trading activities.

1.2 billion shares worth N60.2 billion were exchanged in 86,607 deals, compared to Monday’s trading of 1.1 billion shares valued at N64.02 billion across 64,821 transactions.

With 103.49 million shares traded, Access Corporation had the highest trading volume, representing 8.62 percent of the total volume. Zenith Bank recorded the highest value traded at N8.01 billion, accounting for 13.30 percent of the total value for the day.

The market downturn on Tuesday followed a day when investors gained N5.1 trillion—bringing market capitalization to N122.129 trillion—and a previous week’s addition of N6.76 trillion to their portfolios.

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