Emmanuel OchayiThe Nigerian equity market experienced a notable decline on Tuesday, with losses amounting to N92.32 billion.
This drop was primarily driven by dips in the stock values of National Salt Company, Thomas Wyatt Nigeria, and May & Baker Nigeria, along with 16 other stocks.
Join our WhatsApp ChannelThe market capitalisation and the all-share index fell by 0.16%, closing at N56.36 trillion and 99,630.51 points, respectively. This shift caused the year-to-date return to decrease from 33.5% to 33.24%.
However, despite the overall decline, there were positive indicators within the market. Market breadth remained positive as 29 stocks advanced while 19 declined, with a total of 8,064 deals executed.
Gains and Losses in the Market
Total Nigeria led the gainers, with an appreciation of 9.98%, closing at N388.90. Presco followed closely, rising by 9.97% to N323.30, and UPDC leveraged a 9.92% increase to finish at N1.33.
READ ALSO: Equity Market Gains N323bn As Key Stocks Soar
On the flip side, National Salt Company saw a decline of 9.91%, closing at N36.80. Thomas Wyatt Nigeria and May & Baker Nigeria also faced losses, dropping by 9.66% and 7.13% to close at N1.59 and N5.60, respectively.
Key Players and Volumes
In terms of trading volume, Fidelity Bank led the market with 293.18 million shares traded in 340 deals. Nigerian Breweries followed with 101.584 million shares exchanged in 145 deals.
Market Reactions
Reacting to the day’s activities, market analyst John Adebola stated, “The dip in specific stocks like National Salt Company and Thomas Wyatt Nigeria significantly impacted the market. However, the positive market breadth suggests underlying strength in certain sectors.”
Another market observer, Maryam Oladipo, noted, “While the decline is notable, the performance of gainers like Total Nigeria and Presco indicates investors confidence in these stocks. The diverse reactions across different stocks show a mixed but resilient market.”
Recent Performance
The loss on Tuesday came after a gain of N323 billion in the equity market on Monday, driven by appreciations in Flour Mills Nigeria, Total Nigeria, Access Holding, and 27 other stocks. This prior gain highlights the volatility and dynamic nature of the market.
The Nigerian equity market continues to exhibit both challenges and opportunities. Investors are advised to monitor market trends closely and consider the mixed performance of different stocks when making investment decisions.
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.
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