Stocks Extend Losing Streak as Investors Wipe ₦612 Billion Off Market Value
By FIDELUS ZWANSON
THE Nigerian stock market continued its downward slide on Tuesday, as sustained sell pressure erased ₦612 billion from investors’ wealth.
Data from the Nigerian Exchange Limited (NGX) showed that the market capitalisation fell from ₦97.582 trillion on Monday to ₦96.970 trillion, while the All-Share Index (ASI) declined by 1,109.50 points, or 0.72 per cent, to close at 152,629.61 points, down from 153,739.11 points.
The day’s bearish performance was driven by declines in several major stocks, including National Salt Company, Skyway Aviation Handling Company, Oando, UPDC, and Learn Africa, among others.
Market sentiment remained negative, with 41 losers outweighing 17 gainers on the trading floor.
Leading the losers’ chart, National Salt Company and Skyway Aviation dropped 10 per cent each to close at ₦99 and ₦89.55 per share respectively. Oando fell 9.99 per cent to ₦43.25, UPDC dipped 9.92 per cent to ₦5.54, while Learn Africa shed 9.86 per cent to ₦5.85 per share.
On the gainers’ side, Eunisell Interlinked rose 10 per cent to close at ₦64.90, followed by Sunu Assurances, which advanced 9.98 per cent to ₦4.96. Honeywell Flour Mill climbed 9.72 per cent to ₦19.75, Livestock Feeds added 7.25 per cent to ₦7.40, while The Initiates Plc gained 4.17 per cent to close at ₦12.50 per share.
Trading activity was mixed, as volume improved but value and number of deals declined compared to the previous session.
Investors traded 683.9 million shares valued at ₦20.4 billion across 33,288 deals.
Aso Savings and Loans led the activity chart with 111.9 million shares worth ₦115.2 million, followed by FCMB Group with 110.1 million shares valued at ₦1.13 billion. Fidelity Bank traded 55.14 million shares worth ₦1.05 billion, Zenith Bank exchanged 38.3 million shares valued at ₦2.37 billion, while FirstHoldCo recorded 29.8 million shares worth ₦929.4 million.
