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The Nigerian stock market extended its bearish run on Tuesday, wiping out ₦623 billion from investors’ wealth.

Market capitalisation fell by 0.71 per cent, closing at ₦87.783 trillion, compared to ₦88.406 trillion recorded on Monday. Similarly, the All-Share Index (ASI) dropped by 984.55 points, settling at 138,737.64 against the previous 139,722.19.

Analysts attributed the downturn to sustained profit-taking in key stocks. “The negative trend was largely driven by heavy sell-offs in AIICO Insurance, Prestige Assurance, Wema Bank, Consolidated Hallmark Holdings, Ellah Lakes, and 44 other equities,” one market watcher noted.

Market breadth also closed on a weak note, with 49 decliners against only 11 gainers.

On the losers’ chart, AIICO Insurance, Prestige Assurance, Wema Bank, and Consolidated Hallmark Holdings each shed 10 per cent, closing at ₦3.42, ₦1.62, ₦20.70, and ₦3.87 per share, respectively. Ellah Lakes fell by 9.93 per cent, to close at ₦11.43 per share.

On the gainers’ side, NCR Nigeria rose by 9.96 per cent, finishing at ₦12.70 per share. Austin Laz advanced by 9.66 per cent to ₦3.18, while Tantalizer gained 6.09 per cent, closing at ₦2.44 per share. Multiverse Mining appreciated by 5.50 per cent to ₦11.50, and Deap Capital increased by 4.68 per cent, ending the session at ₦1.79 per share.

Trading activity remained robust as investors exchanged a total of 407.6 million shares worth ₦39.9 billion in 31,406 deals, slightly lower than Monday’s 407.9 million shares valued at ₦14.78 billion in 33,859 deals.

Leading the activity chart, Guaranty Trust Holding Company (GTCO) traded 32.6 million shares worth ₦3.02 billion. Access Corporation followed with 29.8 million shares valued at ₦775.2 million, while AIICO Insurance recorded 21.81 million shares worth ₦76.6 million. Ellah Lakes accounted for 20.5 million shares valued at ₦235.9 million, and Sovereign Trust Insurance transacted 20.4 million shares worth ₦56.5 million.

Speaking on the trend, a Lagos-based capital market analyst said, “The persistent sell pressure is not surprising given the recent rally. Investors are booking profits, and this has tilted the market toward negative territory. However, we expect bargain hunters to return if valuations become attractive.”

Another trader added, “The mixed performance of the market reflects cautious sentiment. While some investors are exiting positions, others are taking advantage of discounted stocks.

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