The Nigerian Exchange Limited experienced a significant downturn, with investors losing approximately ₦215 billion on Tuesday.
The market capitalization fell to ₦67.2 trillion, and the All-Share Index decreased by 345.19 points, a 0.32% drop, closing at 107,781.78.
The market downturn was driven by sell-offs in key stocks, with Honeywell Flour Mill leading the losers’ chart after dropping 10% to ₦11.25 per share. Morison Industries followed, shedding 9.97% to ₦3.25, while University Press fell 9.9% to ₦4.55. International Energy Insurance also declined by 9.75% to ₦2.13.
A total of 363.01 million shares were traded in 13,753 deals, with a turnover of ₦10.12 billion. This represented a 1% increase in volume and a 10% rise in turnover compared to the previous session, while the number of deals dropped by 14%.
Despite the losses, Smart Products Nigeria led the gainers with a 10% increase, closing at ₦0.33 per share. Nigerian Exchange Group followed with a 9.97% rise to ₦32, while Red Star Express gained 9.57% to ₦7.33. Associated Bus Company also appreciated by 8.13% to ₦1.33.
Access Holdings led trading activity with 36.8 million shares, followed by Jaiz Bank (23 million), Zenith Bank (18.4 million), and AXA Mansard Insurance (17 million).
Market performance across key indices showed a general decline, with the Top 30 Index down 0.24%, the Premium Index losing 0.13%, and the Pension Index dropping 0.35%. Despite the downturn, the market maintained a 4.72% year-to-date gain.
Recall the NSE opened the week on a bearish note, with investors losing ₦231 billion.
The market capitalization and All-Share Index dropped by 0.34%, closing at ₦67.4 trillion and 108,126.97 points, respectively.
