Nigeria’s stock market continued its downward trend on Tuesday, declining by 0.32 percent as investors offloaded shares of key companies.
Market Performance Overview
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) dropped from the previous day’s 108,126.97 points to 107,781.79 points. Similarly, the equities market capitalization fell from N67.383 trillion to N67.168 trillion, reflecting the ongoing bearish sentiment.
Key Stocks Driving the Decline
Heavy sell-offs in Oando, Honeywell Flour Mills, University Press, Morison, and International Energy contributed to the market’s decline. Oando led the losers’ chart, plunging from N57.60 to N52, a drop of N5.60 or 9.72 percent.
Honeywell Flour Mills also recorded a significant loss, sliding from N12.50 to N11.25, shedding N1.25 or 10 percent. University Press followed closely, dipping from N5.05 to N4.55, marking a 9.90 percent decrease. Morison’s stock price declined from N3.61 to N3.25, losing 36 kobo or 9.97 percent.
Trading Activity and Most Active Stocks
Investors executed 13,753 deals, exchanging 363,013,197 shares valued at N10.118 billion. Meanwhile, Access Holdings, Jaiz Bank, Zenith Bank, AXA Mansard, and Guinness Nigeria emerged as the most actively traded stocks for the session.
Market Outlook
With persistent sell pressure on key stocks, analysts predict continued volatility in the short term. However, market participants remain watchful for signs of a potential rebound as bargain hunters seek opportunities in undervalued stocks.
