Lagos: The Nigerian equities market reversed its bullish streak on Tuesday, recording a loss of ₦577 billion after a 13-day consecutive rally. The downturn reflects profit-taking by investors and renewed caution across key sectors.
Selloffs in major stocks like Skyway Aviation Handling Company, Zenith Bank, Mercure, RT Briscoe, Triple Gee, and 35 other declining stocks drove the market into negative territory.
The market capitalisation of listed equities dropped by N577 billion, or 0.48 per cent, to close at N121.552 trillion.
Similarly, the All-Share Index (ASI) declined by 0.48 per cent, shedding 899.50 points to close at 189,362.94.
This brought the year-to-date return down to 21.66 per cent.
However, the market breadth closed positively, recording 44 gainers and 40 losers.
ABC Transport led the gainers, rising 9.94% to N9.07. Zichis followed, up 9.93% at N13.06. Red Star Express climbed 9.87%, ending at N29.50 per share.
Meyer rose by 9.81 per cent, finishing at N22.95, and Japaul Gold soared by 9.78 per cent, closing at N3.03 per share.
Skyway Aviation Handling Company, Mecure, and Zenith Bank led the losers’ table by 10 per cent each. They settled at N117, N93.60, and N80.55 per share, respectively.
Similarly, RT Briscoe lost by 9.95 per cent, finishing at N14.12, and Tripple Gee shed by 9.77 per cent, closing at N6 per share.
An evaluation of market activity revealed a 12 per cent increase in volume, a 34 per cent increase in deals, but a 6 per cent decline in value.
A total of 1.2 billion shares, valued at N60.2 billion, were traded across 86,607 transactions. This compares to 1.1 billion shares valued at N64.02 billion traded in 64,821 deals earlier on Monday.
Meanwhile, Access Corporation recorded the highest volume with 103.49 million shares traded, accounting for 8.62 per cent of the day’s total volume.
Zenith Bank recorded the highest value traded at N8.01 billion, accounting for 13.30 per cent of the total value traded for the day.
