Nigerian Stocks Lose ₦144 Billion as 21 Companies’ Shares Fall on Tuesday
With losses in selected listed companies pulling the benchmark index lower despite gains elsewhere on the Nigerian Exchange.
Nigeria’s stock market lost ₦144.54 billion in market value on Tuesday, October 13, as declining share prices at 21 listed companies outweighed gains recorded elsewhere on the Nigerian Exchange Limited (NGX).
The market’s total capitalization fell from ₦160.852 trillion on Monday to ₦160.708 trillion at the close of trading on Tuesday. The benchmark NGX All-Share Index also dropped by 222.61 points, or 0.09%, to close at 247,513.63 points, reducing the market’s year-to-date return to 59.06%.
Despite the overall decline, 24 companies recorded share price gains, compared with 21 that ended the session lower. eTranzact International led the gainers, rising 9.96% to ₦14.35 per share, followed by WAPIC Insurance, which gained 7.83% to close at ₦2.48. DAAR Communications advanced 7.25% to ₦1.48 per share.
- You may also like:
On the losing side, Legend Internet recorded the largest decline, falling 6.85% to ₦3.40 per share. Omatek Ventures dropped 6.43% to ₦1.31, while Secure Electronic Technology declined 5.71% to 66 kobo. Mutual Benefits Assurance and AIICO Insurance also recorded losses of 5.49% and 4.39%, respectively.
Banking and insurance stocks contributed to the market’s weaker performance. The NGX Banking Index fell 0.79%, while the Insurance Index declined 0.38%. Gains in consumer goods and oil and gas shares provided some support but were insufficient to prevent the overall market from closing lower.
Trading activity also weakened during the session. Approximately 394.20 million shares valued at ₦21.38 billion changed hands in 38,707 deals. The volume of shares traded fell 2.76% compared with Monday, while the number of deals declined by 26.94%.
The session highlighted the difference between the performance of individual shares and the broader market. Although more companies gained than declined, losses in selected shares and weaker sector indices pulled the benchmark lower.
What Investors Should Watch
Investors should monitor banking stocks, sector performance, and trading activity for signs of whether the decline will continue. The number of advancing shares alone does not determine the market’s direction; the size of companies and their share-price movements also matter.
Tuesday’s decline was modest relative to the market’s total value. Investors should look for confirmation from subsequent sessions before treating it as a broader market reversal.
