The Nigerian equities market experienced a significant loss of N750 billion due to sell pressures on major stocks like Dangote Cement and 16 others.
The All-Share Index (ASI) fell by 1.36%, closing at 95,779.79 points, its lowest level since January 2024.
The decline was driven by price drops in large and medium-cap stocks, including Dangote Cement, Beta Glass, and Nigerian Breweries.
Despite the downturn, market breadth was positive, with 31 stocks gaining against 17 losers. Top gainers included Skyway Aviation Handling Company and Oando, while Dangote Cement led the losers.
Analysts at United Capital Plc expect a mixed performance in the market, with selective buying of strong stocks and pressure from elevated interest rates in the fixed income market.
Trading activity surged, with a 916.19% increase in the total volume traded, amounting to 3.546 billion units valued at N7.649 billion.
Standard Alliance Insurance led in trading volume, followed by Guaranty Trust Holding Company and Wema Bank.