The Nigerian equities market faced another setback on Tuesday as major losses in Dangote-linked stocks dragged down the Nigerian Exchange (NGX), leading to a staggering N150 billion decline in investor wealth.
This negative performance marked the fourth consecutive session of losses, with the All-Share Index (ASI) slipping by 0.20%, shedding 237.34 points to close at 119,741.23. The market downturn was primarily driven by steep declines in high-cap stocks, particularly Dangote Cement (DANGCEM) and Dangote Sugar Refinery Plc (DANGSUGAR), alongside losses in ZENITHBANK and other heavyweights.
Despite a generally positive market breadth, the persistent sell pressure on blue-chip stocks kept the market in the red, bringing the total four-day cumulative loss to nearly ₦960 billion.
Trading activity on the NGX slowed sharply, as both the total volume and value of traded securities plunged by over 74%. According to Atlass Portfolio Limited, approximately 513.92 million shares valued at ₦10.99 billion were exchanged across 21,221 transactions.
ELLAHLAKES led in volume, accounting for 8.76% of the day’s trades, followed by UPDC (7.32%), UNIVINSURE (5.78%), Nigerian Breweries (5.50%), and JAPAULGOLD (4.14%).
In terms of value, Nigerian Breweries emerged as the top performer, contributing 15.51% of the total traded value on the floor of the exchange.
On the gainers’ chart, MCNICHOLS, RTBRISCOE, HONYFLOUR, and MBENEFIT recorded a 10% price surge each, while LASACO, NEIMETH, MEYER, ELLAHLAKES, and CAVERTON also posted notable gains close to the upper threshold.
Conversely, UPL topped the losers’ table with a 10% decline, trailed by HMCALL (-4.76%), DANGCEM (-3.41%), DANGSUGAR (-1.78%), ZENITHBANK (-1.58%), and GTCO (-1.23%).
Overall, 46 equities appreciated, while 23 declined—indicating a positive market breadth despite the overall bearish trend. Sectoral performance, however, remained weak. The industrial sector dropped 3.17%, insurance fell 2.24%, and oil & gas declined by 1.86%. Meanwhile, the banking and consumer goods sectors saw gains of 17.99% and 31.60%, respectively.
By the close of trading, the NGX’s total market capitalization had dipped by ₦150.24 billion, settling at ₦75.80 trillion.
