The Nigerian stock market extended its losing streak on Tuesday as sustained profit-taking across key banking and consumer goods stocks triggered a broad-based decline, wiping N479bn from investors’ portfolios.
At the close of trading, the benchmark All-Share Index fell by 874.00 points, or 0.35 per cent, to settle at 246,686.66 basis points, while market capitalisation declined to N158.219tn from the previous session’s level.
The downturn was largely driven by sell-offs in medium and large-cap stocks, particularly PZ Cussons Nigeria Plc, Nigerian Exchange Group, FBN Holdings, Wema Bank and Zenith Bank Plc.
Investor sentiment remained predominantly negative throughout the trading session, with market breadth closing firmly in bearish territory. A total of 37 stocks recorded losses compared to just 14 gainers.
PZ Cussons Nigeria and CWG emerged as the worst-performing stocks of the day after both shed 10 per cent of their value to close at N88.20 and N21.60 per share respectively. Associated Bus Company followed with a 9.95 per cent decline to N6.88 per share, while Wema Bank dropped 9.09 per cent to close at N30.00. Sovereign Trust Insurance also lost 8.16 per cent, ending the session at N2.70 per share.
Despite the generally weak performance, a handful of equities posted gains. International Energy Insurance led the advancers with a 9.86 per cent appreciation to close at N5.46 per share. Trans-Nationwide Express rose by 7.14 per cent to N5.10, while Neimeth International Pharmaceuticals gained 6.80 per cent to settle at N11.00 per share.
Living Trust Mortgage Bank added 5.00 per cent to close at N4.20, while Abbey Mortgage Bank advanced 4.44 per cent to N7.05 per share.
Trading activity, however, slowed considerably as investors adopted a cautious stance. Total volume traded declined by 47.9 per cent to 587.64 million shares valued at N23.06bn, exchanged in 63,954 deals.
Access Holdings retained its position as the most actively traded stock by volume, with investors exchanging 113.10 million shares worth N2.71bn. Zenith Bank followed with 38.09 million shares valued at N4.81bn.
Other stocks that recorded significant trading activity included Consolidated Hallmark Holdings, Neimeth International Pharmaceuticals and Sterling Financial Holdings Company.
Market analysts said the latest decline reflects continued profit-taking in recently appreciated stocks, particularly in the banking sector, as investors reassess positions amid prevailing market conditions.