The Nigerian stock market came under renewed selling pressure on Tuesday as investors offloaded major stocks, wiping N1.17tn from the market’s total value. The bearish session was largely driven by declines in heavyweight companies, including MTN Nigeria Communications, UACN, Dangote Sugar Refinery, Nigerian Aviation Handling Company and First Holdco, putting fresh pressure on the domestic equities market.
At the close of trading, the All-Share Index fell by 1,806.18 points, or 0.73 per cent, to 246,723.57, while market capitalisation dropped from the previous level to N159.26tn. The decline highlights renewed caution among investors, particularly around large- and medium-capitalised stocks that have a significant influence on overall market performance.
Interestingly, the market did not record a completely negative picture. Twenty-seven stocks gained against 26 losers, showing that some investors were still finding opportunities despite the broader sell-off. FTN Cocoa led the gainers, rising 9.88 per cent to N8.90, followed by C&I Leasing with an 8.26 per cent increase to N5.90. Sovereign Trust Insurance, Regency Alliance Insurance and Universal Insurance also recorded notable gains.
On the losing side, Thomas Wyatt Nigeria suffered the biggest decline, falling 9.97 per cent to N2.89 per share, while AVA Capital dropped 9.60 per cent to N8.95. International Energy Insurance, International Breweries and Guinea Insurance also recorded significant losses. The sharp movement in both directions suggests investors remain active but selective as market sentiment continues to shift.
Trading activity, meanwhile, surged dramatically, with total volume jumping 270.4 per cent to 3.91 billion shares, valued at N32.38bn across 45,608 deals. Fortis Global Insurance dominated the activity chart with 3.29 billion shares worth N9.58bn, followed by Trans-Nationwide Express and Access Holdings. The combination of heavy trading and falling market value signals a market where investors are repositioning rapidly, leaving the direction of the next sessions closely tied to sentiment around major listed companies.
source: punch
