Investors suffered significant losses as the equity market continued its downward trajectory on Tuesday, with a total loss of N38.24 billion.
The market capitalization dropped by 0.1%, closing at N56.03 trillion, while the all-share index decreased to 99,051.02 basis points.
The trading day was dominated by bearish activities, with 22 stocks declining compared to 17 gainers.
Among the top performers, Nigerian Breweries led with a 10% gain, closing at N28.60. Presco Plc followed with a 9.99% increase to N293.90, and Oando Plc rose by 9.65% to close at N14.20.
Conversely, Tantalizer Plc experienced the most significant drop, shedding 10% to close at N0.45. International Energy Insurance Plc fell by 9.71% to N1.58, and UPDC Real Estate Investment Trust dipped by 9.70% to N1.21.
Trade metrics reflected the negative market sentiment, with a 19.45% decrease in trading volume to 349.59 million units and a 38.92% drop in value traded to N5.24 billion.
GTCO emerged as the most traded stock by value, accounting for 36.04% of all deals. Veritas Kapital Assurance Plc led in trading volume with 57.95 million units, representing 16.58% of total trades.
The local stock market started the week on a bearish note, with the benchmark All-Share Index declining by 18 basis points to settle at 99,118.86 points.
The year-to-date return closed at 32.56%. Market capitalization also decreased by N0.1 trillion, ending at N56.08 trillion.
This performance was mainly due to sell pressures in the banking sector, particularly affecting Access Holdings Plc, United Bank for Africa, Fidelity Bank, and First Bank Holdings.
Despite the overall bearish trend, there were 23 advancers compared to 19 decliners, indicating some resilience in certain sectors of the market.