The Nigerian stock market extended its losing streak on Tuesday, erasing a staggering N782 billion in investor wealth amid widespread sell offs across major sectors.
Trading data from the Nigerian Exchange revealed that the downturn marks the third consecutive session of losses, signaling growing investor anxiety and intensified profit-taking.
The sharp decline was driven by heavy sell-offs across key sectors, including insurance, banking, consumer goods, industrial, and technology stocks highlighting a broad-based retreat by investors seeking to lock in recent gains.
Market capitalisation fell by 0.50 percent, dropping from N155.985 trillion in the previous session to N155.203 trillion. Similarly, the All Share Index shed 1,219.93 points, closing at 241,984.80, down from 243,204.73.
Despite the recent downturn, the market’s year-to-date return remains relatively strong at 55.50 percent. However, market sentiment weakened significantly, with 37 stocks declining compared to just 20 gainers, reflecting negative market breadth.
In the insurance sector, losses were particularly pronounced. International Energy Insurance led the laggards with a 10 percent drop to N5.76 per share, while Sunu Assurances fell by 9.82 percent to N3.58. Sovereign Trust Insurance also declined by 8.37 percent, closing at N2.30 per share.
Other major losers included Vitafoam, which dropped 10 percent to N189, and Austinlaz, which fell 9.93 percent to N3.90.
On the flip side, a handful of stocks recorded notable gains. Conoil and Prestige Assurance both rose by 9.79 percent, closing at N213 and N1.57 respectively. Neimeth Pharmaceuticals climbed 9.74 percent to N8.45, while E-Tranzact gained 9.40 percent to close at N16.30. Cornerstone Insurance also posted a 9.09 percent increase, ending at N5.40 per share.
Market activity also slowed considerably. Total trading volume declined by 28.11 percent to 535.53 million shares, valued at N36.84 billion across 55,123 deals.
Sterling Nigeria emerged as the most actively traded stock by volume, with 100.90 million shares exchanged—accounting for 18.84 percent of total trades. Meanwhile, UAC of Nigeria dominated in value terms, recording transactions worth N9.12 billion, representing 24.74 percent of total market value.
Analysts say the ongoing sell-off reflects a mix of profit-taking and cautious sentiment among investors amid market volatility. If the trend continues, further pressure could mount on key sectors, particularly insurance stocks already facing heightened scrutiny.
