Nigerian Exchange loses N183bn amid continued bearish sentiment, with market capitalisation dropping to N72.5tn and blue-chip stocks facing sharp declines

Nigerian Exchange loses N183bn in a single trading day as bearish sentiment swept across the equities market on Tuesday, putting significant pressure on key indicators and eroding gains in several blue-chip stocks.

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According to data released by the Nigerian Exchange (NGX), the All-Share Index declined by 348.61 points, representing a 0.3 per cent drop, closing at 114,910.16.

The market capitalisation also fell, sliding from N72.7 trillion to N72.5 trillion, resulting in a net loss of N183 billion in investor value.

Despite a marginal uptick in trading activity, investor mood remained subdued. A total of 787.3 million shares, worth N25.67 billion, exchanged hands in 23,170 deals, reflecting a 9 per cent rise in volume, a 17 per cent increase in turnover, and a 5 per cent growth in the number of deals when compared with the previous session.

Out of the 128 listed equities traded, 29 recorded gains, while 35 closed lower. Leading the gainers was C and I Leasing, which appreciated by 10 per cent to close at N4.62 per share.

Learn Africa and Mutual Benefits Assurance also gained 10 per cent each, closing at N4.18 and N1.10 respectively. University Press climbed 9.82 per cent to settle at N5.48, while Deap Capital and LivingTrust Mortgage Bank rose by 8.64 and 8.39 per cent respectively.

Conversely, Transcorp Power led the laggards, falling by 9.98 per cent to N295.70 per share. Oando followed closely with a 9.97 per cent drop to N58.25, while Ellah Lakes declined by 9.87 per cent to N4.29.

Omatek Ventures lost 9.33 per cent to close at N0.68 per share. Custodian Investment fell by 8.63 per cent, and Sterling Financial Holdings slid by 8.55 per cent.

In terms of volume, Zenith Bank topped the chart with 96.2 million shares traded, followed by Guaranty Trust Holding Company with 83.4 million. United Bank for Africa and Access Holdings also featured prominently, trading 65.2 million and 64.2 million shares respectively.

Performance across key indices reflected the overall cautious sentiment. The Top 30 Index fell by 0.28 per cent, and the Banking Index dropped by 0.2 per cent, continuing pressure from regulatory uncertainty.

However, the Pension Index gained 0.43 per cent, showing interest from long-term investors. The Insurance Index also rose by 0.4 per cent, the Industrial Index added 0.16 per cent, while the Premium Index recorded a marginal dip of 0.02 per cent.

The downturn follows Monday’s session, where the Exchange shed N121 billion due to sell-offs in banking stocks, reportedly triggered by a new Central Bank directive that has rattled investor confidence in the sector.

While Tuesday’s market performance marks a sharp dip, broader market trends remain positive.

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The All-Share Index has gained 0.26 per cent over the past week, 4.97 per cent in four weeks, and stands at an 11.64 per cent return since the start of the year, indicating resilience despite short-term fluctuations.