The Nigerian stock market extended its downward trend on Tuesday as diplomatic tensions between Nigeria and the United States continued to weigh on investor sentiment. The Nigerian Exchange suffered a significant loss of N612 billion, adding to a decline of N245.88 billion on Monday and bringing the total loss over the two‑day period to N857.88 billion.
The decline was driven by sustained sell‑offs in several key stocks, including National Salt Company, Skyway Aviation Handling Company, Oando, UPDC and Learn Africa, among 36 other declining stocks. Market capitalisation opened at N97.582 trillion but fell to N96.970 trillion, while the All‑Share Index dropped 1,109.50 points, or 0.72 percent, to close at 152,629.61 points. Market breadth was negative, with 41 losers and 17 gainers recorded across the trading floor. National Salt Company and Skyway Aviation Handling Company were the top losers, followed by Oando. In contrast, Eunisell Interlinked led the gainers, rising 10 percent to close at N64.90, while Sunu Assurances followed with a 9.98 percent rise to N4.96.
Trading volume improved, with investors exchanging 683.9 million shares worth N20.4 billion in 33,288 transactions. Aso Savings and Loans led in volume, handling 111.9 million shares valued at N115.2 million. However, both the value and number of deals declined compared with the previous trading day.
The current market downturn comes amid heightened diplomatic tensions between Nigeria and the United States, sparked by U.S. President Trump’s threat of military action if the Nigerian government fails to address alleged killings of Christians. This diplomatic row has added uncertainty to the market, contributing to the bearish trend. As investors watch for developments that could impact performance, the Nigerian stock market’s ability to recover will depend on the resolution of these tensions and the overall state of the economy. For now, investors remain cautious, and short‑term volatility is likely to persist.
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