Nigeria’s equities market shed a whopping N436.43 billion on Tuesday, the worst recorded decline in a single trading session since October 19.
The huge loss was driven by sell-offs in three heavy-weight stocks of Dangote Cement (-8.33%), MTN Nigeria (-2.04%), and Guinness Nigeria (-10%).
The losses by these stocks dragged down market performance indicators of the All Share Index and market capitalization by 1.8 percent to 43,466.93 points and ₦23.68 trillion respectively.
Consequently, the market year-to-date return fell to 1.7 percent from 3.6 percent in the previous session.
However, the volume and value of trade increased 142 percent and 17 percent to 249.9m units and ₦2.5 billion respectively.
The Industrial Goods and Insurance indices led losers, down 3.9 percent and 1.3 percent respectively driven by sell pressure on Dangote Cement (-8.3%), Cutix Plc (-1.8%), NEM Insurance (-7.5%) and Linkage Assurance (-2.5%).
Trailing, the AFR-ICT and Consumer Goods indices dipped 0.9 percent and 0.6 percent respectively due to price depreciation in MTN Nigeria (-2.0%), Guinness (-10.0%), and Nigerian Breweries (-0.4%).
Similarly, the Banking index lost 0.2% dragged by price decline in Zenith Bank (-0.5%), Fidelity Bank (-1.2%), and Sterling Bank (-2.1%).
On the flip side, the Oil & Gas index was the sole gainer, up 0.6 percent on the back of buy interest in Oando (+3.4%).
A total of 249.91 million shares valued at ₦2.50 billion were exchanged in 3,283 deals.
ACCESSCORP (+0.00%) led the volume and value charts with 128.73 million units traded in deals worth ₦1.03 billion.
Guinness (-10.0%) topped eighteen (18) others on the loser’s table, while Unity Bank (+10.00%) led nine (9) others on the gainer’s table.
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