Nigerian Equities Market Reverses Gains, Investors Lose N599 Billion

The Nigerian stock market experienced a downturn on Tuesday, erasing gains from the previous session and costing investors N599 billion. This reversal followed a single day of bullish activity.

The market's decline was fueled by widespread selloffs across numerous stocks. Multiverse Mining and Livingtrust Mortgage Bank were among the top decliners, each dropping 10%. Mc Nicholas, Thomas Wyatt Nigeria, and Eterna also saw significant losses.

Market capitalization fell by 0.38%, decreasing from N158.614 trillion to N158.015 trillion. The All-Share Index also dropped by 927.70 points, or 0.38%, to close at 244,802.83. This brought the Year-To-Date return down to 57.32%.

The market breadth reflected the negative sentiment, with 40 declining equities compared to 13 gainers. Despite the overall downturn, some stocks saw gains. AVA Capital led the gainers, rising 9.94%, followed by Nigeria Real Estate Investment Trust and Livestock Feeds.

Trading volume surged by 69.25% to 1.56 billion shares worth N28.73 billion, exchanged across 54,160 deals. Japaul Gold dominated the volume chart, while MTN Nigeria recorded the highest value of trades.