KEY POINTS

• Investors lost ₦93 billion as the Nigerian stock market declined by 0.06 per cent on Tuesday.
• Market capitalisation fell to ₦163.824 trillion, while the All-Share Index dropped to 252,313.16 points.
• Market breadth remained positive, with 32 stocks gaining against 21 losers.
• Trading volume rose by 20.29 per cent to 545.30 million shares.

MAIN STORY

The Nigerian stock market shed ₦93 billion on Tuesday as losses in several large and mid-cap stocks pulled down overall market performance despite more equities recording gains than losses.

Market capitalisation declined to ₦163.824 trillion from ₦163.917 trillion, representing a 0.06 per cent reduction in the value of listed equities.

Similarly, the All-Share Index fell by 143.58 points, or 0.06 per cent, to close at 252,313.16 points from 252,456.74 points recorded in the previous session. The market’s year-to-date return consequently eased to 62.14 per cent.

The decline was driven by losses in Nigerian Aviation Handling Company, Red Star Express, Livingtrust Mortgage Bank, Abbey Mortgage Bank and Caverton Offshore Support Group.

Nigerian Aviation Handling Company led the losers, falling 9.99 per cent to close at ₦136.10 per share. Red Star Express declined by 9.85 per cent to ₦12.35, while Livingtrust Mortgage Bank shed 9.79 per cent to close at ₦2.58.

Abbey Mortgage Bank lost 5.22 per cent to close at ₦6.35, while Caverton Offshore Support Group fell by 4.29 per cent to ₦3.35 per share.

On the positive side, Champion Breweries led the gainers with a 10 per cent appreciation to close at ₦9.35 per share.

Honeywell Flour gained 9.90 per cent to ₦32.20, while Critical Minerals Financing Corporation rose by 8.75 per cent to ₦3.23. Sovereign Trust Insurance appreciated by 8.41 per cent to ₦2.32, and University Press advanced by 8.33 per cent to close at ₦4.55.

Despite the decline in the overall market index, market breadth remained positive, with 32 equities gaining against 21 that recorded losses.

Trading activity also strengthened during the session. Total volume increased by 20.29 per cent to 545.30 million shares, valued at ₦30.39 billion across 31,543 deals.

NEIMETH led trading by volume, recording 79.86 million shares, equivalent to 14.65 per cent of total shares traded.

First Holdco recorded the highest transaction value at ₦6.31 billion, accounting for 20.77 per cent of the day’s total trading value.

THE ISSUES

Tuesday’s trading showed that a higher number of advancing stocks does not necessarily translate into an overall market gain. Although 32 equities appreciated against 21 losers, declines in selected large and mid-cap stocks were enough to pull down the All-Share Index and reduce total market capitalisation.

This distinction matters because the market index reflects the performance of listed equities, with larger companies carrying greater influence depending on their market value and weighting. A few significant losses can therefore outweigh gains recorded by several smaller stocks.

The stronger trading volume also suggests that more shares changed hands during the session, but increased activity does not automatically mean investors were buying with confidence. Trading volume measures the number of shares exchanged, while the direction of prices shows whether buying or selling pressure dominated.

For investors, the combination of positive market breadth and a falling index means Tuesday’s performance was mixed rather than a uniform market decline. Individual stock performance and the reasons behind price movements remain important when assessing investment decisions.

WHAT’S NEXT

Investors will watch whether the market can recover from the losses in the next trading session and whether gains across more equities can translate into an improvement in the overall index.

BOTTOM LINE

The NGX lost ₦93 billion on Tuesday despite more stocks gaining than declining. The session highlights the influence of selected large and mid-cap stocks on the market’s overall direction, even when broader trading activity is positive.