Nigerian Exchange Suffers N116bn Dip as Investors Exit MTNN, INTBREW, Others

The Nigerian Exchange (NGX) witnessed a ₦116 billion decline in market capitalisation on Tuesday as investors pulled out funds from major equities, including MTN Nigeria and International Breweries Plc, alongside several mid- and small-cap stocks.

Despite a positive market breadth, the session ended in the red, with key indices retreating by 0.17%, erasing gains made in the previous trading day. The downturn was largely triggered by sell-offs in notable large- and mid-tier stocks.

Leading the list of laggards were LIVESTOCK, MTN Nigeria (MTNN), FTN Cocoa (FTNCOCOA), and INTBREW, all contributing significantly to the day’s market loss of ₦116 billion.

Figures from the Nigerian bourse showed the All-Share Index (ASI) dropped by 185 basis points, closing at 105,931.18. Trading activity saw a notable uptick, with total transaction volume and value climbing by 46.44% and 191.37%, respectively.

According to a report from Atlas Portfolio Limited, investors exchanged approximately 733.05 million shares valued at ₦35.29 billion in 16,619 deals.

FIDELITY Bank led the trading chart by volume, accounting for 38.92% of total shares exchanged. It was followed by MTNN (11.85%), ACCESSCORP (4.85%), UNIVINSURE (4.07%), and GTCO (3.89%).

On the value side, MTNN dominated, representing 59.33% of the total turnover for the day. Meanwhile, LEGENDINT topped the gainers’ table with a 10.00% price increase.

Other top performers included ABCTRANS (+9.94%), CADBURY (+9.91%), CHAMPION (+9.79%), ETERNA (+9.46%), and MAYBAKER (+9.26%), alongside 26 other gainers.

In contrast, 20 stocks ended the session lower. LIVESTOCK led the decliners with a 9.71% drop, trailed by MULTIVERSE (-9.62%), MCNICHOLS (-9.47%), MTNN (-6.07%), FTNCOCOA (-5.24%), and VERITASKAP (-3.45%).

Despite the bearish close, market breadth remained positive, with 32 gainers outpacing 20 losers. Sectoral indices mostly ended in the green. The banking index rose by 1.30% on the back of gains in ZENITHBANK (+2.91%), UBA (+2.19%), ACCESSCORP (+1.48%), and GTCO (+1.19%).

Similarly, the consumer goods and oil & gas indices rose by 0.48% and 0.09%, respectively, driven by increased interest in Nigerian Breweries (NB) and ETERNA.

However, the insurance index declined by 0.54% due to losses in SUNU Assurance (-5.77%), while both the industrial goods and commodity indices closed flat.

At the end of the trading session, the NGX’s overall market capitalisation settled at ₦65.58 trillion, reflecting a ₦116 billion loss in investor wealth.