The party on the Nigerian Exchange came to an abrupt halt on Tuesday as investors watched a staggering N1.17 trillion vanish from their portfolios, snapping a four-session winning streak that had fueled optimism across the market. The sharp reversal dragged the bourse’s overall market capitalization down by 0.73 percent, settling at N159.255 trillion from the previous day’s N160.421 trillion.
The All-Share Index mirrored the pain, shedding 1,806.18 points to close at 246,723.57 points. Despite the bruising session, the market’s year-to-date return still stands at an impressive 58.55 percent, a figure that masks the day’s turbulence. Interestingly, the session closed with a positive market breadth—28 stocks advanced while 27 declined—yet the heavyweight losses proved too heavy to overcome.
Leading the charge downward was Thomas Wyatt Nigeria, which tumbled 9.97 percent to close at N2.89. AVA Capital wasn’t far behind, dropping 9.60 percent to N8.95, while International Energy Insurance slipped 6.32 percent to N4. International Breweries also felt the heat, losing 5.98 percent to finish at N11.
But not every stock bled red. UPDCREIT stole the spotlight on the gainers’ side, surging 10 percent to close at N14.85. FTN Cocoa Processors followed with a 9.88 percent jump to N8.90, while C&I Leasing climbed 8.26 percent to N5.90. Sovereign Trust Insurance advanced 6.74 percent to N1.90, and Regency Alliance Insurance rose 6.33 percent to 84 kobo.
Activity on the trading floor told a story of its own. Total volume skyrocketed to 3.909 billion shares, valued at N32.38 billion, spread across 45,608 deals. That’s a dramatic leap from Monday’s 1.137 billion shares worth N27.02 billion, which were exchanged in 59,185 transactions. The surge in volume, however, didn’t translate into gains—a classic sign of heavy selling pressure.
Fortis Global Insurance dominated the session, accounting for a whopping 3.29 billion shares valued at N9.58 billion. That single stock represented 84.22 percent of the total trading volume and 29.57 percent of the total value traded, underscoring how concentrated activity was during the downturn.
For investors, Tuesday’s session was a stark reminder that rallies can reverse as quickly as they begin. The question now is whether this is a one-day blip or the start of a deeper correction.
