By Adeyemi David
The Nigerian stock market reversed its bullish run on Tuesday, shedding N577 billion in market value to halt a 13-day rally amid widespread selloffs in bellwether stocks.
Market capitalisation of listed equities declined by 0.48 per cent, dropping from N122.129 trillion to N121.552 trillion, while the Nigerian Exchange Limited All-Share Index fell by 899.50 points to close at 189,362.94, down from 190,262.44 recorded on Monday.
The downturn trimmed the year-to-date return to 21.66 per cent.
The negative performance was largely driven by price declines in major equities including Skyway Aviation Handling Company, Zenith Bank, Mecure Industries, RT Briscoe and Tripple Gee and Company, alongside 35 other declining stocks.
Despite the loss, market breadth closed positive with 44 gainers against 40 losers, suggesting pockets of investor interest.
Leading the gainers, ABC Transport advanced by 9.94 per cent to settle at N9.07, while Zichis rose 9.93 per cent to N13.06.
Red Star Express gained 9.87 per cent to close at N29.50, as Meyer Plc climbed 9.81 per cent to N22.95. Japaul Gold and Ventures also appreciated by 9.78 per cent, ending the session at N3.03 per share.
On the losers’ chart, Skyway Aviation Handling Company, Mecure Industries and Zenith Bank each dropped 10 per cent, closing at N117, N93.60, and N80.55 respectively.
RT Briscoe fell 9.95 per cent to N14.12, while Tripple Gee declined 9.77 per cent to finish at N6 per share.
Trading activity showed mixed sentiment, with volume rising by 12 per cent and the number of deals increasing by 34 per cent, although the total value traded dipped by six per cent
A total of 1.2 billion shares worth N60.2 billion were exchanged in 86,607 transactions, compared to 1.1 billion shares valued at N64.02 billion traded across 64,821 deals in the previous session.
Access Holdings recorded the highest volume with 103.49 million shares, representing 8.62 per cent of total trades, while Zenith Bank posted the highest value at N8.01 billion, accounting for 13.30 per cent of the day’s turnover.
