Stocks on the Nigerian Exchange (NGX) slid sharply on Tuesday, extending a pullback after a four-day advance and wiping out roughly N900 billion in market value. Market capitalization fell from N156.056 trillion to N155.152 trillion, a drop of N904 billion (down 0.58%). The All-Share Index also lost ground, retreating by 1,408.82 points (0.58%) to close at 241,750.15, compared with 243,158.97 on Monday. Despite the decline, the year-to-date gain for the market eased to 55.35%.
Market performance and sentiment
The sell-off ended the NGX’s four-session rally, as investors rotated toward cash and reduced exposure to several large names. Even with the broad retreat, trading breadth stayed tilted to the upside, with 46 stocks rising against 26 that declined, indicating that bargain-hunting was present even as profit-taking dominated.
- Market capitalization: N156.056 trillion to N155.152 trillion (down N904 billion; -0.58%)
- All-Share Index: 243,158.97 to 241,750.15 (down 1,408.82 points; -0.58%)
- Year-to-date return: moderated to 55.35%
- Market breadth: 46 gainers, 26 losers
What drove the move: profit-taking in key stocks
Pressure came largely from heavy profit-taking in several actively followed equities. Among the names weighing on performance were Guinness Nigeria, Union Dicon Salt, AIICO Insurance, Wema Bank, MTN Nigeria, and others, according to the session’s trading pattern.
- Guinness Nigeria, Union Dicon Salt, AIICO Insurance, Wema Bank, MTN Nigeria and additional stocks contributed to the downturn through profit-taking
- The declines collectively pulled down overall market value and index levels
Top gainers, laggards, and trading activity
While blue-chip selling weighed on the benchmark, several smaller and mid-cap names posted strong gains during the session.
Leaders on the upside
- Vitafoam Nigeria rose by 10% to close at N170.50
- Zichis Agro Allied Industries gained 10% to finish at N25.08
- RT Briscoe advanced 10% to end at N12.87
- McNichols concluded the session at N7.92 per share
- Chemical and Allied Products Plc climbed 9.99% to close at N175.65 per share
Biggest decliners
- Guinness Nigeria fell 10% to close at N447.30 per share
- Union Dicon Salt, AIICO Insurance, Wema Bank, and MTN Nigeria also posted declines
Liquidity and deal flow
Trading activity cooled compared with the previous session. Total volume decreased by 9.85%, with 1.27 billion shares exchanging hands for a total value of N75.23 billion across 102,665 deals.
- Total traded volume fell 9.85%
- Shares traded: 1.27 billion
- Turnover: N75.23 billion
- Number of deals: 102,665
FCMB Group Plc led by volume, accounting for 160.59 million shares, representing 12.66% of total market volume. On the value side, Guaranty Trust Holding Company Plc recorded the highest transaction value at N13.09 billion, equivalent to 17.40% of the day’s total turnover.
- Volume leader: FCMB Group Plc — 160.59 million shares (12.66% of total volume)
- Value leader: Guaranty Trust Holding Company Plc — N13.09 billion (17.40% of total turnover)
