Investors in the Nigerian equity market suffered significant losses on Tuesday as the market’s bearish trend continued, resulting in a loss of N38.24 billion.
The market capitalization fell by 0.1% to close at N56.03 trillion, while the all-share index dropped to 99,051.02 basis points.
The day’s trading session was dominated by bearish activity, with more stocks declining than gaining. Out of the traded stocks, 22 recorded losses, while only 17 saw gains.
Nigerian Breweries led the gainers, appreciating by 10% to close at N28.60. Presco Plc followed closely, gaining 9.99% to close at N293.90. Oando Plc also performed well, increasing by 9.65% to close at N14.20.
On the other hand, Tantalizer Plc topped the list of decliners, shedding 10% to close at N0.45. International Energy Insurance Plc lost 9.71%, closing at N1.58, while UPDC Real Estate Investment Trust dipped by 9.70% to close at N1.21.
The trade metrics painted a bleak picture, with a 19.45% decline in the volume of shares traded, totaling 349.59 million units. The value of traded shares also fell by 38.92%, amounting to N5.24 billion.
Despite the overall negative trend, GTCO emerged as the most traded stock by value, accounting for 36.04% of all deals. In terms of volume, Veritas Kapital Assurance Plc had the highest trading activity, with 57.95 million units or 16.58% of all trades.
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Monday’s session also started on a bearish note, with the All-Share Index declining by 18 basis points to settle at 99,118.86 points. The year-to-date return stood at 32.56%. Additionally, the market capitalization dropped by N0.1 trillion to close at N56.08 trillion.
The decline was mainly due to selling pressure on banking stocks, including Access Holdings Plc, United Bank for Africa, Fidelity Bank, and First Bank Holdings. Despite this, there were more gainers than losers, with 23 stocks advancing compared to 19 decliners.
The bearish trend in the Nigerian equity market highlights the volatile nature of the market, with investors needing to be cautious and stay informed about market conditions.
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