Equity market loses N92bn as stocks tumbles

Alex Omenye
Alex Omenye

The Nigerian equity market suffered a loss of N92.32 billion on Tuesday, driven by dips in the stocks of the National Salt Company, Thomas Wyatt Nigeria, May and Baker Nigeria, and 16 other companies.

The market capitalisation and the all-share index decreased by 0.16 per cent, closing at N56.36 trillion and 99,630.51 points, respectively. This downturn brought the year-to-date return down to 33.24 per cent from the previous 33.5 per cent.

Despite the overall decline, market breadth remained positive with 29 stocks advancing while 19 declined, across 8,064 deals. Total Nigeria led the gainers with a 9.98 per cent rise to N388.90, followed by Presco, which increased by 9.97 per cent to N323.30, and UPDC, which gained 9.92 per cent to close at N1.33.

Conversely, National Salt Company, Thomas Wyatt Nigeria, and May and Baker Nigeria were the top decliners, with decreases of 9.91 per cent, 9.66 per cent, and 7.13 per cent respectively, closing at N36.80, N1.59, and N5.60.

In terms of trading volume, Fidelity Bank led the market with 293.18 million shares traded in 340 deals, followed by Nigerian Breweries, which saw 101.584 million shares exchanged in 145 deals.

This performance contrasts with Monday’s market activity, where the equity market gained N323 billion, buoyed by the appreciation of Flour Mills Nigeria, Total Nigeria, Access Holding, and 27 other stocks.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *