The Nigerian domestic equities market returned to bearish territory on Tuesday, weighed down by significant sell-offs in major stocks like MTN Nigeria Communications Plc alongside 25 others. The widespread price depreciation erased ₦1.17 trillion from the total market capitalisation, pushing it down to ₦159.26 trillion, while the All-Share Index dropped 0.73% (1,806.18 points) to close at 246,723.57. The market decline was primarily driven by investor sell-offs across key large- and medium-capitalised stocks, including MTNN, UACN, Dangote Sugar Refinery, Nigerian Aviation Handling Company, and First Holdco.
Despite the sharp fall in overall market value, sentiment across individual equities remained balanced, with market breadth closing slightly positive as 27 gainers edged out 26 losers. Leading the gainers was FTN Cocoa, which surged 9.88% to reach ₦8.90 per share, followed by C&I Leasing with an 8.26% rise to ₦5.90. Insurance stocks also showed strength, as Sovereign Trust Insurance advanced 6.74% to ₦1.90, Regency Alliance Insurance gained 6.33% to 84 kobo, and Universal Insurance climbed 6.02% to 88 kobo per share.
On the flip side, Thomas Wyatt Nigeria topped the losers’ list after tumbling 9.97% to ₦2.89 per share. AVA Capital recorded a 9.60% drop to settle at ₦8.95, while International Energy Insurance lost 6.32% to finish at ₦4.00. Other notable decliners included International Breweries, which fell 5.98% to ₦11.00, and Guinea Insurance, which slid 5.13% to 74 kobo per share.
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Trading activity experienced a massive surge throughout the session, as total volume traded jumped by 270.4% to reach 3.91 billion units worth ₦32.38 billion across 45,608 deals. Fortis Global Insurance heavily dominated the activity chart, accounting for 3.29 billion shares valued at ₦9.58 billion. Trans-Nationwide Express followed with 84.58 million shares worth ₦181.90 million, while Access Holdings recorded 66.13 million shares exchanged for ₦1.87 billion. Rounding out the most active stocks were Consolidated Hallmark Holdings, which traded 54.34 million shares valued at ₦379.42 million, and Fidelity Bank with 46.86 million shares transacted for ₦1.02 billion.
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