Stock market sheds N1tn amid renewed bearish trading

The Nigerian stock market experienced a significant decline on Tuesday, with the market capitalization dropping by N1.17tn, marking a 0.73% decrease. This decline was largely driven by the sell-offs in large and medium-capitalized stocks such as MTN Nigeria Communications Plc, UACN, Dangote Sugar Refinery, Nigerian Aviation Handling Company, and First Holdco.

Despite this market-wide drop, the All-Share Index fell by 1,806.18 points, or 0.73 percent, to close at 246,723.57. Interestingly, market breadth was positive, with 27 stocks gaining value against 26 that lost value. Among the gainers, FTN Cocoa led with a remarkable 9.88% increase, closing at N8.90 per share, followed by C&I Leasing and Sovereign Trust Insurance with 8.26% and 6.74% gains respectively.

Conversely, Thomas Wyatt Nigeria was the biggest loser, plummeting by 9.97% to close at N2.89 per share. The trading activity surged, with the volume traded increasing by 270.4% to 3.91 billion units, valued at N32.38bn, transacted in 45,608 deals.