Nigerian equities extended their losing streak to a sixth consecutive session on Tuesday, erasing N544 billion in market value as sustained sell-offs pressured key counters across the board.
Data from the Nigerian Exchange showed the market capitalisation of listed equities declined by 0.35 per cent to close at N155.973 trillion, down from N156.517 trillion recorded at the previous session. The benchmark All-Share Index mirrored the downturn, shedding 0.35 per cent, or 843.42 points, to settle at 242,454.65 points. Year-to-date returns moderated to 55.26 per cent as the bearish momentum persisted.
Market breadth remained firmly negative, with 37 decliners outweighing 22 gainers. The downturn was broad-based, led by Red Star Express which plunged 10 per cent to N16.20. Trans-Nationwide Express followed with a 9.94 per cent drop to N2.81, while Meyer declined 9.88 per cent to N15.05. Chellaram and Fortis Global Insurance rounded out the top five losers, falling 9.77 per cent to N9.70 and 9.70 per cent to N2.14 respectively.
Despite the prevailing weakness, a handful of stocks bucked the trend. Haldane McCall topped the gainers’ chart with a 9.97 per cent advance to N3.20. Veritas Kapital Assurance rose 7.09 per cent to N1.36, while Tantalizer gained 5.26 per cent to N4.00. RT Briscoe and Regency Alliance Insurance added 4.31 per cent and 3.66 per cent to close at N10.90 and 85 kobo respectively.
Trading activity showed mixed dynamics. Total volume declined sharply to 429.84 million shares from 1.33 billion units Traded on Monday, while turnover value improved to N27.48 billion from N22.93 billion. The number of deals also contracted to 35,683 from 45,494 in the prior session.
Sterling Nigeria dominated volume charts with 51.57 million shares exchanged, representing 12 per cent of total market activity. In value terms, MTN Nigeria accounted for 35.50 per cent of total turnover with N9.76 billion worth of shares traded.
The persistent sell pressure reflects lingering investor caution amid macroeconomic headwinds, with market participants closely monitoring policy developments and corporate earnings for directional cues. Analysts suggest the current correction may present selective entry opportunities for medium-term investors, though near-term volatility is expected to persist.
