The Nigerian stock market experienced a sharp downturn on Tuesday, with investors losing N285 billion, or 0.43 percent, as market capitalization fell from N66.769 trillion to N66.484 trillion. The All-Share Index also dropped by 0.43 percent, closing at 106,167.75, down from the previous day’s 106,621.91. The market’s performance was heavily affected by a majority of stocks in the red, with 31 losers compared to only 23 gainers. Among the notable losers were Mecure Industries and ABC Transport, which saw declines of 10 percent and 7.98 percent, respectively.
On the other hand, several stocks made gains, including Livestock Feeds, which rose by 9.93 percent, and Cornerstone Insurance, which gained 9.25 percent. Other notable gainers included International Energy Insurance and Smart Products Nigeria, both of which saw substantial increases in their share prices. Despite the gains, overall market sentiment remained negative, as the total value of shares traded was significantly lower than the previous day, with a decrease in both volume and transaction value.
The trading session saw 324.59 million shares worth N7.918 billion change hands, a drop from 364.97 million shares valued at N17.628 billion in the previous session. Among the top-traded stocks were Fidelity Bank, Access Corporation, and Guaranty Trust Holding Company, all of which saw significant volumes of shares exchanged. In terms of transaction value, Fidelity Bank topped the list with shares valued at N502 million.
Meanwhile, in the United States, the stock market also experienced losses on Tuesday amid escalating tensions between President Donald Trump and Canada over tariffs. The Dow Jones Industrial Average dropped 478 points, or 1.14 percent, while the S&P 500 and Nasdaq Composite also saw declines. Trump addressed the market downturn, acknowledging that market fluctuations are part of the economic process, but emphasized the need for rebuilding the country’s infrastructure amidst the trade conflict.
SOURCE: DAILY POST