Nigerian Stock Market Loses N1tn Amid Bearish Trading

On Tuesday, the Nigerian domestic equities market closed on a bearish note, with a total market capitalization decrease of N1.17 trillion, settling at N159.26 trillion. The All-Share Index dropped by 1,806.18 points, or 0.73 percent, to close at 246,723.57.

This downturn was primarily driven by sell-offs in large- and medium-capitalized stocks, notably MTN Nigeria Communications Plc, UACN, Dangote Sugar Refinery, Nigerian Aviation Handling Company, and First Holdco. Despite the overall market decline, there were 27 gainers compared to 26 losers.

FTN Cocoa led the gainers with a 9.88 percent increase, closing at N8.90 per share. Conversely, Thomas Wyatt Nigeria topped the losers' chart with a 9.97 percent drop, closing at N2.89 per share.

Trading activity surged, with total volume traded increasing by 270.4 percent to 3.91 billion units, valued at N32.38 billion across 45,608 deals. Fortis Global Insurance dominated trading with 3.29 billion shares valued at N9.58 billion.