Investors on the Nigerian Stock Exchange (NGX) recorded losses of roughly N900 billion on Tuesday, ending a four‑day rally that had lifted market sentiment. At the close, total market capitalization slipped from N156.056 trillion to N155.152 trillion, a decline of N904 billion or 0.58 percent. The All‑Share Index fell by 1,408.82 points, also 0.58 percent, closing at 241,750.15 compared with 243,158.97 on Monday.
The broad‑based sell‑off moderated the year‑to‑date return to 55.35 percent, down from the previous session’s peak. Despite the downturn, buying pressure remained evident, with 46 stocks gaining against 26 losers.
Among the gainers, Vitafoam Nigeria, Zichis Agro Allied Industries, RT Briscoe and McNichols posted the strongest advances, each rising close to 10 percent. Vitafoam ended the day at N170.50 per share, Zichis at N25.08, RT Briscoe at N12.87 and McNichols at N7.92. Chemical and Allied Products Plc also performed well, gaining 9.99 percent to settle at N175.65 per share.
The downward pressure was led by profit‑taking in several heavyweight stocks. Guinness Nigeria shed 10 percent, closing at N447.30 per share, while Union Dicon Salt, AIICO Insurance, Wema Bank and MTN Nigeria also recorded losses.
Trading activity weakened, with total volume down 9.85 percent to 1.27 billion shares worth N75.23 billion. The session saw 102,665 individual deals. FCMB Group Plc was the most active trader, handling 160.59 million shares, or 12.66 percent of total volume. Guaranty Trust Holding Company Plc recorded the highest transaction value, trading N13.09 billion of securities, representing 17.40 percent of the day’s turnover.
The retreat follows a period of strong gains that saw the NGX index climb for four consecutive sessions, fueled by optimism over improved macro‑economic indicators and corporate earnings. However, the recent pull‑back underscores the market’s sensitivity to profit‑taking and sector‑specific pressures, particularly in consumer‑goods and financial‑services stocks.
Analysts note that while the short‑term correction has curtailed the rally, the underlying fundamentals—steady foreign inflows, fiscal reforms and an expanding domestic investor base—continue to support a positive outlook for the Nigerian equity market. Investors will likely monitor upcoming corporate disclosures and macro‑economic data for cues on whether the index can resume its upward trajectory.
