The Nigerian stock market extended its bearish run on Tuesday, shedding ₦623 billion in market value as profit-taking weighed heavily on insurance and banking stocks.
Data from the Nigerian Exchange Limited (NGX) showed that the market capitalisation fell by 0.71 per cent to close at ₦87.783 trillion, down from ₦88.406 trillion recorded in the previous session.
Similarly, the All-Share Index (ASI) declined by 984.55 points, or 0.71 per cent, to 138,737.64 compared with 139,722.19 on Monday.
Broad Sell-Off
The downturn was driven by losses in 49 equities against 11 gainers. AIICO Insurance, Prestige Assurance, Wema Bank, and Consolidated Hallmark Holdings were among the top decliners, each dropping by 10 per cent to close at ₦3.42, ₦1.62, ₦20.70, and ₦3.87 per share respectively.
Ellah Lakes also slipped by 9.93 per cent to end at ₦11.43 per share.
On the flip side, NCR Nigeria rose by 9.96 per cent to ₦12.70 per share, while Austin Laz advanced 9.66 per cent to ₦3.18. Tantalizer gained 6.09 per cent to close at ₦2.44, Multiverse Mining appreciated 5.50 per cent to ₦11.50, and Deap Capital climbed 4.68 per cent to ₦1.79 per share.
Turnover Trends
Investors traded 407.6 million shares valued at ₦39.9 billion in 31,406 deals, compared with 407.9 million shares worth ₦14.78 billion exchanged in 33,859 deals on Monday.
Guaranty Trust Holding Company (GTCO) led activity with 32.6 million shares valued at ₦3.02 billion. Access Corporation followed with 29.8 million shares worth ₦775.2 million, while AIICO Insurance recorded 21.81 million shares worth ₦76.6 million.
Ellah Lakes and Sovereign Trust Insurance also featured prominently, trading 20.5 million shares valued at ₦235.9 million and 20.4 million shares worth ₦56.5 million respectively.
