Nigeria’s equities market extended its bearish run on Tuesday, with investors’ sell-offs in major stocks wiping N1.17tn off total market capitalisation and pulling the benchmark index lower.
The All-Share Index declined by 1,806.18 points, representing a 0.73 per cent drop, to close at 246,723.57. Market capitalisation consequently fell from its previous level to N159.26tn.
The decline was largely attributed to losses in some large- and medium-capitalised stocks, with MTN Nigeria Communications Plc, UACN, Dangote Sugar Refinery, Nigerian Aviation Handling Company and First Holdco among the key counters weighing on the market.
Despite the sharp decline in overall market value, trading breadth was marginally positive, with 27 stocks recording gains compared with 26 decliners.
FTN Cocoa emerged as the session’s biggest gainer, rising 9.88 per cent to close at N8.90 per share. C&I Leasing followed with an 8.26 per cent appreciation to N5.90, while Sovereign Trust Insurance gained 6.74 per cent to finish at N1.90.
Regency Alliance Insurance advanced 6.33 per cent to close at 84 kobo, while Universal Insurance gained 6.02 per cent to settle at 88 kobo per share.
On the losing side, Thomas Wyatt Nigeria recorded the steepest decline, falling 9.97 per cent to N2.89 per share.
AVA Capital followed with a 9.60 per cent drop to N8.95, while International Energy Insurance declined by 6.32 per cent to close at N4.00 per share.
The session’s performance highlighted the continued vulnerability of the broader market to sell-offs in highly capitalised stocks. Although more stocks advanced than declined, losses in heavyweight counters were sufficient to pull the overall index and market value lower.
The latest decline leaves investors watching for signs of a shift in sentiment as trading continues, particularly whether buying interest in gainers can offset continued pressure on the market’s major stocks.
