Nigerian stock market losses another ₦171.18billion on Tuesday

The Nigerian stock market continued its decline from the previous trading session, with the benchmark index dropping by 31 basis points to end at 97,830.65 points. The decrease was mainly driven by selling pressures in GTCO (-0.11%), ZENITHBANK (-2.03%), and FBNH (-2.20%). As a result, the year-to-date return fell to 30.84%, and the market capitalization decreased by ₦171.18bn to close at ₦55.55trn.

Analyzing the Nigerian stock market activities, trade turnover was lower compared to the previous session, with the value of transactions declining by 8.11%. A total of 399.39 million units valued at ₦8.00bn were traded in 10,447 deals. ZENITHBANK led both the volume and value charts with 44.24 million units exchanged in deals worth ₦1.51bn.

Market breadth ended negatively with a ratio of 0.49-to-1, indicating that declining stocks outnumbered advancing ones. UCAP (-9.92%) was at the top of the list of thirty-six laggards, while ABCTRANS (+10.00%) led seventeen gainers.