The Nigerian stock market continued its bearish streak on Tuesday, shedding N612 billion in market value. Triggered by sustained sell-offs in stocks like National Salt Company, Skyway Aviation Handling, Oando, UPDC, and Learn Africa, the Nigerian Exchange Limited (NGX) market capitalisation dropped from N97.582 trillion to N96.970 trillion.
The All-Share Index fell by 1,109.50 points (0.72%), closing at 152,629.61 points from 153,739.11 the previous day. Market breadth was negative with 41 losers outnumbering 17 gainers.
Major losers included National Salt and Skyway, each down 10%, Oando dropping 9.99%, UPDC by 9.92%, and Learn Africa by 9.86%. On the upside, Eunisell Interlinked gained 10%, Sunu Assurances rose 9.98%, Honeywell Flour Mill increased by 9.72%, and Livestock Feeds was up 7.25%.
Investors traded 683.9 million shares worth N20.4 billion over 33,288 transactions. Aso Savings and Loans led volume with 111.9 million shares traded, followed closely by FCMB Group, Fidelity Bank, Zenith Bank, and FirstHoldCo.
The market showed increased volume but declined in value compared to previous sessions, reflecting cautious investor sentiment amid geopolitical and economic uncertainties.
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