Nigerian Stock Market Extends Losing Streak as Investors Lose N782bn

By Opeyemi Adelakun

The Nigerian equities market continued its downward trend on Tuesday, with investors recording losses of approximately N782 billion as sell-offs persisted across major sectors of the market.

Data from the trading session showed that the overall market capitalization declined by 0.50 per cent, closing at N155.203 trillion compared to N155.985 trillion recorded in the previous trading day.

Similarly, the benchmark All-Share Index (ASI) dropped by 1,219.93 points to settle at 241,984.80 points, down from 243,204.73 points. Despite the decline, the market has still maintained a year-to-date return of 55.50 per cent.

Analysts attributed the latest downturn to widespread profit-taking activities, particularly in banking, insurance, consumer goods, industrial and technology stocks. Market sentiment remained bearish as declining stocks significantly outnumbered gainers, with 37 equities closing lower against 20 gainers.

Among the worst-performing stocks, Vitafoam Nigeria and International Energy Insurance each shed 10 per cent of their value. Austinlaz also recorded a sharp decline of 9.93 per cent, while Sunu Assurances and Sovereign Trust Insurance posted losses of 9.82 per cent and 8.37 per cent respectively.

However, some stocks bucked the negative trend. Conoil and Prestige Assurance led the gainers’ chart after advancing by 9.79 per cent each. Neimeth Pharmaceuticals, E-Tranzact International and Cornerstone Insurance also recorded notable gains during the session.

Trading activity weakened compared to the previous session, with total volume traded falling by 28.11 per cent to 535.53 million shares valued at N36.84 billion across 55,123 deals.

Sterling Financial Holdings emerged as the most actively traded stock by volume, accounting for over 100 million shares exchanged, representing nearly 19 per cent of total market turnover.

In value terms, UAC of Nigeria dominated transactions, with investors trading shares worth N9.12 billion, representing almost a quarter of the total value traded on the exchange.

The latest decline marks the third consecutive session of losses for the Nigerian stock market, reflecting cautious investor sentiment and ongoing profit-taking after recent market gains.