Nigerian equities lose N1tn as investor sentiment turns negative

The Nigerian stock market ended Tuesday's session in negative territory, with the value of MTN Nigeria Communications Plc and 25 other stocks decreasing, resulting in a N1.17tn decline in the overall market capitalisation.

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The All-Share Index plummeted by 1,806.18 points, or 0.73 per cent, to settle at 246,723.57, while the market capitalisation also shed N1.17tn to close at N159.26tn.

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The main drivers of the downturn were sell-offs in large- and medium-capitalised stocks, including MTNN, UACN, Dangote Sugar Refinery, Nigerian Aviation Handling Company, and First Holdco.

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Despite the overall decline, the market breadth ended on a positive note, with 27 stocks gaining value compared to 26 that lost value.

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FTN Cocoa led the gainers, with its share price surging 9.88 per cent to N8.90 per share, followed by C&I Leasing, which gained 8.26 per cent to close at N5.90 per share.

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Sovereign Trust Insurance also rose, gaining 6.74 per cent to finish at N1.90 per share, while Regency Alliance Insurance and Universal Insurance advanced 6.33 per cent and 6.02 per cent, respectively.

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Regency Alliance Insurance closed at 84 kobo per share, while Universal Insurance ended at 88 kobo per share.

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On the losers' chart, Thomas Wyatt Nigeria topped the list, dropping 9.97 per cent to close at N2.89 per share, followed by AVA Capital, which declined 9.60 per cent to settle at N8.95 per share.

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International Energy Insurance lost 6.32 per cent to close at N4.00 per share, while International Breweries and Guinea Insurance fell 5.98 per cent and 5.13 per cent, respectively.

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International Breweries closed at N11.00 per share, while Guinea Insurance ended at 74 kobo per share.

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Trading activity increased significantly, with the total volume of shares traded jumping 270.4 per cent to 3.91 billion units, valued at N32.38bn and executed in 45,608 deals.

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Fortis Global Insurance dominated the activity chart, with 3.29 billion shares valued at N9.58bn changing hands.

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Trans-Nationwide Express followed, with 84.58 million shares worth N181.90m traded, while Access Holdings saw 66.13 million shares valued at N1.87bn exchanged.

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Consolidated Hallmark Holdings traded 54.34 million shares valued at N379.42m, while Fidelity Bank transacted 46.86 million shares worth N1.02bn.