Amid US Military Invasion Threat, Stocks Fall As Market Loses N612bn

Amid US Military Invasion Threat, Stocks Fall As Market Loses N612bn

The Nigerian stock market maintained its bearish streak on Tuesday, shedding N612 billion.

The downturn followed sustained sell-offs in National Salt Company, Skyway Aviation Handling Company, Oando, UPDC, Learn Africa, and 36 other declining stocks.

The Nigerian Exchange Ltd. (NGX) market capitalisation opened at N97.582 trillion but fell by N612 billion, closing at N96.970 trillion.

Similarly, the All-Share Index dropped by 1,109.50 points, or 0.72 per cent, ending at 152,629.61 points from 153,739.11 on Monday.

Market breadth was negative with 41 losers and 17 gainers recorded across the trading floor.

National Salt Company and Skyway Aviation Handling Company topped the losers’ chart, falling by 10 per cent to N99 and N89.55 per share respectively.

Oando lost 9.99 per cent to close at N43.25, UPDC declined by 9.92 per cent to N5.54, while Learn Africa dipped 9.86 per cent to N5.85 per share.

Conversely, Eunisell Interlinked led gainers, rising by 10 per cent to close at N64.90. Sunu Assurances followed with a 9.98 per cent rise to N4.96.

Honeywell Flour Mill appreciated by 9.72 per cent to N19.75, while Livestock Feeds rose 7.25 per cent to N7.40 per share.

The Initiates increased by 4.17 per cent, closing at N12.50 per share at the session’s close.

Market activity improved in volume but declined in value and number of deals compared with previous trading.

Investors exchanged 683.9 million shares worth N20.4 billion in 33,288 transactions at the close of trading.

Aso Savings and Loans led in volume with 111.9 million shares valued at N115.2 million.

FCMB Group followed with 110.1 million shares worth N1.13 billion, while Fidelity Bank traded 55.14 million shares valued at N1.05 billion.

Zenith Bank recorded 38.3 million shares worth N2.37 billion, while FirstHoldCo traded 29.8 million shares valued at N929.4 million. (NAN)