On Tuesday, the Nigerian Exchange witnessed losses spurred by declines in BUA Cement, Sterling Financial Holding Company, Consolidated Hallmark Holdings, UPDC, and The Initiates.
The equity market saw a significant dip, amounting to N849 billion, primarily influenced by a 10% drop in key stocks. The downward trend was evident as only 14 gainers were recorded compared to 46 losers during the trading session.
Despite the overall bearish sentiment, some penny to medium-priced securities managed to increase their values. Companies like Juli Plc and Cadbury Plc experienced gains of 10% each, closing at N0.77 and N24.20, respectively. Other notable gainers included Meyer Plc, Daar Communications, and Cap Plc.
JAIZ Bank and Universal Insurance led the charts in terms of volume of trade. Additionally, Guaranty Trust Holding Company Plc and FBN Holdings had significant volumes of their stocks traded during the session.
Analysts had previously projected a pull-back in the capital market following a bullish rally in recent weeks. The market’s downturn on Tuesday reflects a correction in stock prices after the prolonged period of gains, highlighting the dynamic nature of the Nigerian Exchange.