Nigerian Stock Market Loses N1.17tn as Bearish Trend Continues

The Nigerian stock market experienced a decline on Tuesday, with the overall market capitalisation decreasing by N1.17tn. This downturn was largely driven by the depreciation of shares in major companies such as MTN Nigeria Communications Plc, UACN, and Dangote Sugar Refinery. As a result, the All-Share Index dropped by 1,806.18 points to close at 246,723.57, representing a 0.73 per cent decrease. The market capitalisation also shed N1.17tn to settle at N159.26tn. Despite the general market decline, 27 stocks recorded gains, while 26 stocks experienced losses. FTN Cocoa was the top gainer, with its share price increasing by 9.88 per cent to close at N8.90 per share. C&I Leasing and Sovereign Trust Insurance also recorded significant gains, with their share prices rising by 8.26 per cent and 6.74 per cent respectively. On the other hand, Thomas Wyatt Nigeria led the losers, with its share price dropping by 9.97 per cent to close at N2.89 per share. The total volume of shares traded increased by 270.4 per cent to 3.91 billion units, valued at N32.38bn. The most actively traded stocks included Fortis Global Insurance, Trans-Nationwide Express, and Access Holdings.