The Nigerian equities market pulled back on Tuesday, ending a multi-day rally as a broad sell-off erased N577 billion in market value. The downturn follows a period of significant gains that had added over N11.86 trillion to investor portfolios in recent sessions.
The Nigerian Exchange Limited (NGX) recorded a loss of 0.48 percent, with its key benchmark, the All-Share Index (ASI), declining by 899.50 points to settle at 189,362.94. Consequently, total market capitalization of all listed equities fell from N122.129 trillion to N121.552 trillion. This adjustment moderates the year-to-date return to 21.66 percent.
Despite the overall decline, market breadth stayed positive, with 44 stocks gaining ground against 40 losers. Among the top performers, ABC Transport led with a 9.94 percent increase, followed by Zichis, Red Star Express, Meyer, and Japaul Gold.
On the downside, Skyway Aviation Handling Company, Mecure, and Zenith Bank were the worst hit, each shedding 10 percent. They were followed by RT Briscoe and Tripple Gee.
Trading activity showed mixed signals. Volume rose by 12 percent and the number of deals increased by 34 percent, indicating robust participation. However, the total value traded dipped by 6 percent to N60.2 billion across 1.2 billion shares in 86,607 deals. This compares with N64.02 billion traded in 1.1 billion shares across 64,821 deals the previous day.
Access Corporation was the most active stock by volume, with 103.49 million shares changing hands—8.62 percent of the day’s total. Zenith Bank dominated by value, accounting for N8.01 billion or 13.30 percent of the total turnover.
The market’s reversal comes immediately after a historic rally. On Monday, investors gained N5.1 trillion, and the previous week saw an addition of N6.76 trillion. The pullback suggests a short-term profit-taking phase after those substantial gains, though the market remains in a strong positive trajectory for the year. The performance of key sectors in the coming sessions will indicate whether this is a temporary correction or a shift in sentiment.
