The Nigerian stock market extended its losing streak on Tuesday, June 17, wiping out ₦183 billion in value. The total market capitalisation at the Nigerian Exchange Ltd. (NGX) fell from ₦72.680 trillion on Monday to ₦72.497 trillion at the end of Tuesday’s session.
The All-Share Index also dropped by 348.61 points, representing a 0.30% decline. It closed at 114,910.16, lower than Monday’s 115,258.77. This decline marked the continuation of a bearish trend as several blue-chip stocks recorded fresh losses.
Market sentiment stayed weak, with more losers than gainers. A total of 35 stocks ended in the red while only 29 stocks made gains. Analysts say investor confidence remains low due to a mix of global uncertainties and cautious profit-taking in the local market.
Transcorp Power Plc was the biggest loser of the day. Its share price fell by 9.98%, closing at ₦295.70. Oando Plc followed with a 9.97% loss to finish at ₦58.25 per share. Ellah Lakes also declined by 9.87% to ₦4.29, while Omatek lost 9.33%, ending at 68k. Custodian Investment Plc fell by 8.63% to ₦22.75.
Some Stocks Gain Amid Market Weakness
Despite the general downturn, some stocks recorded gains. Cileasing led the gainers with a 10% rise to ₦4.62 per share. Learn Africa also posted a 10% increase to close at ₦4.18. Mutual Benefits Assurance gained 10% as well, closing at ₦1.10 per share. University Press rose 9.82% to ₦5.48, while Deap Capital Management appreciated by 8.64%, ending at 88k.
Traders say these gains were mainly driven by retail investors seeking short-term opportunities in underpriced stocks. However, the broader market remains under pressure due to concerns over interest rates, inflation, and weak corporate earnings from some firms.
Tuesday’s total turnover stood at 787.31 million shares valued at ₦25.67 billion. This represented an improvement from Monday’s trading volume of 721.75 million shares worth ₦22.01 billion. The number of deals also rose from 22,100 to 23,170.
Zenith Bank led the volume chart with 96.23 million shares worth ₦4.25 billion. Guaranty Trust Holding Company followed, trading 83.36 million shares valued at ₦6.24 billion. United Bank for Africa moved 65.16 million shares worth ₦2.11 billion. Access Corporation traded 64.21 million shares at ₦1.30 billion, while Ecobank Transnational Incorporated completed the top five with 51.73 million shares valued at ₦1.57 billion.
Investors are now watching key economic reports and policy signals that could influence the market’s next direction.
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