Emmanuel OchayiThe Stock Market in Nigeria dropped by 0.51 percent on Tuesday as major stocks like Transcorp, Eterna, and Dangote Sugar recorded losses.
The market’s total value decreased by N345 billion, while the year-to-date (YtD) return declined to +3.86 percent. So far this week, the market has lost 0.85 percent.
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Stocks that contributed to the market downturn included Eterna, which dropped from N42 to N37.80, losing N4.20 or 10 percent. Dangote Sugar also declined, falling from N40 to N36, a loss of N4 or 10 percent. Similarly, Transcorp dropped from N57 to N51.30, losing N5.70 or 10 percent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) fell from 107,455.13 points recorded in the previous session to 106,904.25 points. The equities market capitalization also declined from N67.287 trillion to N66.942 trillion, reflecting a further drop in market value.
Stock Market Trading Activity
Trading activity remained high despite the losses. A total of 395,466,683 shares worth N8.763 billion were exchanged in 13,967 deals. Some of the most actively traded stocks included United Capital, Ellah Lakes, Zenith Bank, Universal Insurance, and Access Holdings.
Investors closely monitored the Stock Market as the decline in key stocks affected overall market performance. Many are now looking at possible recovery signals in the coming sessions.
Market Outlook
Analysts believe the Stock Market could experience further fluctuations based on investor sentiment and external economic factors.
The drop in major stocks like Transcorp, Eterna, and Dangote Sugar shows the level of volatility in the market. Investors will be watching for any signs of recovery or further decline in the days ahead.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
