Nigerian Equity Market Declines by N1.141 Trillion

On Tuesday, the Nigerian domestic equity market experienced a significant decline of N1.141 trillion, reflecting a negative performance driven by losses in highly capitalized mid-cap stocks such as MTN Nigeria, BUA Foods (NGX: BUAFOODS), Julius Berger (NGX: JBERGER), and Ellah Lakes (NGX: ELLAHLAKES). The market capitalization fell from N125.968 trillion to N124.827 trillion, marking a decrease of 0.91%.

The NGX share index depreciated by 1.78%, closing at 194,484.61 points, down from 196,263.56 points the previous day. The market breadth was negative, with trading volume declining to 1.137 billion shares, a 4.93% drop from 1.196 billion shares on Monday.

The value of transactions increased by 92.58%, settling at N53.354 billion across 72,218 deals. Jaiz Bank (NGX: JAIZBANK) led the gainers' table with a 10% increase, closing at N12.76 per unit, while Daar Communications (NGX: DAARCOMM) was the top loser, dropping 10% to close at N2.25 per unit.