After a bullish run that saw it deliver robust growth in 2024, the fifth year in a row, the Nigerian Exchange Limited recorded a third consecutive decline on Tuesday, its biggest for the period, as equity investors worth fell by N1.064 trillion, closing at N63.187 trillion, from Monday’s N64.25 trillion amid profit taking.
Also on Tuesday, the NGX’s composite All-Share index, which measure average price movements on the bourse fell by 1,745.16 basis points, or 1.66 percent to 103,622.09bps from the previous 105,367.25bps.
In the three trading days since last Thursday, the Nigerian investors have lost a total of N1.163tr, while the index slipped by 1,908.65bps or 1.81% from Thursday’s 105,530.74bps.
Yesterday’s decline followed bearish sentiments that saw 40 stocks lost, compared to 23 gainers, led by Dangote Cement, one of the market largest stocks which lost the maximum 10.0% of its share price, just like Honeywell Flour Mills, a subsidiary of recently delisted Flour Mills of Nigeria Plc. Other losers included telecommunications giant- MTN Nigeria which shed 3.7%, in what Daniel Wesonga, Senior Sales Manager at Pepperstone, an international investment firm said “reflects investor caution, weighed down by external uncertainties and internal pressures.”
The negative direction, he added on Tuesday, “signals a bearish short-term sentiment, though selective gains in certain stocks offer some support for the market.”
Northern Nigerian Flour Mills, another FMN subsidiary gained 10.0%; ahead of the 9.9% by Livestock Feeds.
Total transaction volume fell by 0.5% to 503.31 million units, worth N12.63 billion, and crossed in 12,900 deals, led by Guaranty Trust Holding Company’s 54.35m units valued at N3.15 billion.