Investors in the Nigerian stock market experienced a significant loss of N671 billion as the bears returned on Tuesday, marking a downturn in what had started as a strong second half of the year. The All-Share Index closed at 60,715.04 index points, a decrease of 1.99% compared to the previous trading day’s closing of 61,949.24 index points.
The market value of shares also dropped by N671 billion, representing a 1.99% decline, from N33.731 trillion to N33.06 trillion at the end of trading. These losses overshadowed the gains experienced on Monday, which amounted to N533 billion.
Among the gainers on Tuesday were CHIPLC, ETERNA, and CHAMS, which increased by 10%, 9.96%, and 9.88% respectively. On the other hand, LASACO, PZ, and WEMABANK were the top losers, experiencing declines of -13.86%, -10.00%, and -9.98% respectively.
The total value of shares exchanged during the trading session amounted to N12.21 billion, representing a 13.03% decrease from the previous day’s session. In terms of volume, 1.11 billion shares were exchanged compared to the 1.20 billion shares traded in the previous session.
FCMB, STERLING, and TRANSCORP were the most actively traded stocks, with 180.75 million, 107.54 million, and 105.87 million units of shares traded, respectively. In terms of value, the top three traded shares were ACCESSCORP (N1.34 billion), UBA (N1.12 billion), and FCMB (N981.47 million).
The bearish trend on Tuesday marked the end of a market rally that had seen impressive gains throughout the first half of the year. Investors chose to take profits following the streak of positive performance in the market.
It is worth noting that the N671 billion loss outweighed the gains recorded on Monday, reflecting the unpredictable nature of the stock market. Investors must navigate market volatility and make informed decisions to minimize risks and maximize potential returns.
Overall, the recent losses reflect the current market conditions and the impact of various factors on investor sentiment. While some stocks recorded gains, others experienced significant losses. Investors are advised to closely monitor market trends and seek expert advice to make informed investment decisions.
For now, the Nigeria stock market remains in a fluctuating state, and investors should exercise caution while carefully analyzing their investment options.
