Stock Market Slumps as Investors Lose ₦1.1 Trillion Amid Declines in MTN, Zenith, Dangote Sugar
Bearish sentiments continued to dominate the Nigerian stock market on Tuesday, wiping off ₦1.1 trillion from investors’ wealth.
The selloff in major equities such as MTN Nigeria, Zenith Bank, Guaranty Trust Holding Company Plc (GTCO), Dangote Sugar, and United Capital led to a sharp decline, pushing the market further into negative territory.
Specifically, the market capitalization of listed equities dropped from ₦64.252 trillion to ₦63.188 trillion, representing a 1.66% loss. Similarly, the All-Share Index (ASI) fell by 1,745.2 points to close at 103,622.09, compared to 105,367.25 recorded on Monday. The Year-to-Date (YTD) return now stands at 0.68%.
Market breadth closed negative with 41 losers compared to 23 gainers.
Top Losers:
Honeywell Flour led the losers’ chart, shedding ₦1.06 to close at ₦9.54 per share.
Julius Berger followed, losing ₦15.50 to close at ₦139.80.
Dangote Cement dropped ₦47.80 to close at ₦431 per share.
Sovereign Trust Insurance and Prestige Assurance declined by ₦0.12 each, closing at ₦1.12 and ₦1.17, respectively.
Top Gainers:
Northern Nigeria Flour Mills topped the gainers’ table, adding ₦4.10 to close at ₦45.10.
Livestock Feeds gained ₦0.55 to close at ₦6.10.
X-Academy rose by ₦0.29 to close at ₦3.22.
UPL increased by ₦0.43
