The Nigerian stock market extended its bearish run on Tuesday, wiping out N623 billion in value as investors engaged in sustained profit-taking across key equities.
Market capitalisation fell by N623 billion or 0.71 per cent, closing at N87.783 trillion compared with Monday’s figure of N88.406 trillion. The All-Share Index (ASI) also dropped by 984.55 points or 0.71 per cent, settling at 138,737.64 from 139,722.19 previously recorded.
The downturn was largely driven by sell-offs in AIICO Insurance, Prestige Assurance, Wema Bank, Consolidated Hallmark Holdings, Ellah Lakes, and 44 other stocks. Market breadth closed negative, with 49 laggards outnumbering 11 gainers.
AIICO Insurance, Prestige Assurance, Wema Bank, and Consolidated Hallmark Holdings each recorded a 10 per cent decline, ending the session at N3.42, N1.62, N20.70, and N3.87 per share respectively. Ellah Lakes also retreated by 9.93 per cent to close at N11.43 per share.
On the gainers’ list, NCR Nigeria appreciated by 9.96 per cent to finish at N12.70 per share, while Austin Laz advanced by 9.66 per cent to N3.18 per share. Tantalizer rose 6.09 per cent to N2.44 per share, Multiverse Mining climbed 5.50 per cent to N11.50 per share, and Deap Capital improved by 4.68 per cent to N1.79 per share.
Investors exchanged 407.6 million shares valued at N39.9 billion in 31,406 deals, compared to Monday’s 407.9 million shares worth N14.78 billion traded in 33,859 transactions.
Guaranty Trust Holding Company (GTCO) led market activity with 32.6 million shares worth N3.02 billion. Access Corporation followed with 29.8 million shares valued at N775.2 million, while AIICO Insurance traded 21.81 million shares for N76.6 million. Ellah Lakes recorded sales of 20.5 million shares worth N235.9 million, and Sovereign Trust Insurance exchanged 20.4 million shares valued at N56.5 million.