The Nigerian equity market continued its downward trajectory for the second consecutive day, recording a staggering loss of N730 billion on Tuesday, further denting investor sentiments.
Following a setback on Monday, exacerbated by declines in heavyweight stocks like Dangote Cement and MTN Nigeria, the market experienced another dip, with key indices tumbling significantly.
The All-Share Index, the primary gauge of stock performance, dropped by 1.30 percent to settle at 101,060.67 points, while the market capitalization, representing the total value of listed equities, declined to N55.298 trillion.
The year-to-date return for the market also decreased to 35.16 percent, down from 36.94 percent recorded the previous day, reflecting the persistent bearish sentiment.
The downward movement was primarily attributed to sell-offs observed in medium to penny stocks, with the trading floor witnessing more decliners than advancers.
Amidst the market turmoil, eight equities managed to record gains, while 43 stocks suffered losses.
Juli Plc, Eterna Plc, and VeritasKap emerged as top gainers, with their share prices appreciating by 9.94 percent, 6.17 percent, and 5.97 percent, respectively.
Conversely, Honeywell Flour Mills, BUA Cement, and PZ Cussons led the losers’ chart, each experiencing significant declines of 10 percent, 9.98 percent, and 9.75 percent, respectively. PZ Cussons’ decline was attributed to its negative asset value reported in the half-year financials.
Trading activity also waned, with total deals decreasing by 9.34 percent to 8,783 trades. Total volume and value traded followed suit, declining by 6.46 percent and 10.90 percent, respectively, with 118 stocks exchanged during the session.
Among the sectoral sub-indexes, only the Oil & Gas sector managed to eke out gains, buoyed by the performance of Eterna Plc.
United Bank for Africa, Geregu Power, and Transcorp Plc dominated trading activities, with Transcorp emerging as the most traded security in terms of volume and Geregu Power leading in terms of value.
