Investors in the Nigerian stock market faced a challenging session this Tuesday, watching N1.141 trillion in market value evaporate following the Central Bank of Nigeria’s decision to trim the benchmark interest rate by 50 basis points to 26.50 percent.
The atmosphere at the Nigerian Exchange Limited was decidedly somber as the trading day ended in the red. A wave of heavy sell-offs, particularly across major consumer goods, insurance, and large-cap stocks, placed a heavy burden on the market’s overall health.
Names like DAAR Communications, Tantalizers, BUA Foods, Ellah Lakes, and Japaul Gold were among 40 equities that saw their prices slide, dragging the broader index down with them.
By the closing bell, market capitalization had shrunk by N1.141 trillion—a 0.92 percent retreat—leaving the total value at N124.827 trillion, down from Monday’s N125.968 trillion.
The All-Share Index followed a similar downward path, shedding 1,778.95 points to settle at 194,484.61, a notable dip from the 196,263.56 posted just a day earlier. This downturn has cooled the year-to-date return to 24.98 percent, with 40 decliners significantly outnumbering the 27 gainers.
At the bottom of the chart, Tantalizers and DAAR Communications felt the most heat, each plunging 10 percent to close at N4.86 and N2.25 per share. On the other side of the ledger, Jaiz Bank offered a bright spot by topping the gainers with a 10 percent jump, followed closely by Infinity Trust Mortgage Bank and First City Monument Bank.
Despite the drop in prices, the day was marked by high-value activity. Investors moved 1.14 billion shares worth N53.4 billion through 72,218 deals. While the total volume of shares and the number of deals were lower than Monday’s figures, the actual value of the transactions surged by 44 percent.
Among the individual players, Japaul Gold saw the most action on the floor, leading the day’s volume with 102 million shares changing hands.