Nigeria’s Stock Market Losses Hit ₦294 Billion As Major Stocks Drop

Stock Exchange Closes Trading Week With N30bn Gain

Investors in Nigeria’s stock market lost ₦294 billion on Tuesday as key stocks like Dangote Cement, FBN Holdings, and MRS saw a drop in their prices. The Nigerian Exchange (NGX) recorded a 0.44% decline, reversing gains from the previous day.

Stockbrokers explained that this drop was mainly due to investors selling shares of large and mid-sized companies. As a result, the market index, which tracks overall performance, fell by 460.20 points to close at 103,958.75.

Despite this, trading activity picked up slightly, with the total number of shares traded increasing by 4.62% and their value rising by 2.53%. Around 542.23 million shares, worth ₦13.64 billion, were traded in over 15,500 deals.

The most actively traded stocks included Access Corporation, Sterling Bank, Zenith Bank, UBA, and FCMB. Zenith Bank led in terms of the total value of transactions, contributing 12.69% of the total.

Some stocks performed well, with SCOA, EUNISELL, and OKOMUOIL leading the gainers with a 10% increase in their prices. Others, like NEM and OANDO, also saw notable gains.

On the other hand, MRS topped the list of losers, with its price dropping by 9.95%, followed by REDSTAREX, FBN Holdings, and Dangote Cement.

Overall, 29 stocks gained value, while 32 lost value, resulting in a negative trading day. Most sectors performed poorly, with the industrial sector falling the most by 1.72%. The banking, consumer goods, and insurance sectors also saw declines, while the oil and gas sector grew slightly by 1.06%.

The total market value dropped by ₦284 billion, leaving it at ₦64.16 trillion.