Stock Market tumbles as Investors lose ₦183 billion in a day
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Amid the gloom, a few stocks bucked the trend. C&I Leasing, Learn Africa, and Mutual Benefits Assurance each surged by 10%, closing at ₦4.62, ₦4.18, and ₦1.10 respectively. University Press gained 9.82% to close at ₦5.48, while Deap Capital Management advanced by 8.64% to end the day at 88k.
By Taiye Olayemi
The Nigerian stock market took another hit on Tuesday, wiping off a staggering ₦183 billion from investors’ portfolios amid a broad-based sell-off across key sectors.
Data from the Nigerian Exchange Ltd. (NGX) showed that the market capitalisation fell to ₦72.497 trillion, down from ₦72.680 trillion on Monday.
The All-Share Index (ASI) also declined by 348.61 points or 0.30 per cent, closing at 114,910.16, as profit-taking intensified.
The market’s downturn was largely driven by sharp losses in heavyweight stocks, including Transcorp Power, Oando, Ellah Lakes, Omatek, and Custodian Investment Plc. In total, 35 stocks recorded losses, while only 29 managed to post gains, reflecting negative market breadth.
Transcorp Power Plc led the losers, plummeting by 9.98% to close at ₦295.70 per share. Oando Plc followed with a 9.97% drop to ₦58.25, while Ellah Lakes shed 9.87%, ending at ₦4.29. Omatek fell by 9.33% to 68k, and Custodian Investment dropped 8.63% to settle at ₦22.75.
Amid the gloom, a few stocks bucked the trend. C&I Leasing, Learn Africa, and Mutual Benefits Assurance each surged by 10%, closing at ₦4.62, ₦4.18, and ₦1.10 respectively. University Press gained 9.82% to close at ₦5.48, while Deap Capital Management advanced by 8.64% to end the day at 88k.
Despite the downturn, market activity intensified. Total turnover rose to 787.31 million shares valued at ₦25.67 billion, exchanged in 23,170 deals. This compares favourably with Monday’s trading of 721.75 million shares worth ₦22.01 billion across 22,100 deals.
Zenith Bank topped the activity chart, trading 96.23 million shares worth ₦4.25 billion. It was followed by Guaranty Trust Holding Company (GTCO) with 83.36 million shares valued at ₦6.24 billion, while United Bank for Africa (UBA) sold 65.16 million shares worth ₦2.11 billion.
Other major movers included Access Corporation, with 64.21 million shares valued at ₦1.30 billion, and Ecobank Transnational Incorporated, which traded 51.73 million shares worth ₦1.57 billion. (NAN)
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