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Investors lost ₦599 billion as heavy profit-taking dragged the benchmark index lower, with the market recording a negative breadth of 13 gainers against 42 losers.
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AVA Capital, NREIT and Livestock Feeds topped the gainers’ chart, but their advances were insufficient to offset widespread declines across the broader market.
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Multiverse Mining, LivingTrust Mortgage Bank and McNichols Plc led the losers’ table as investors continued to book profits in several recently appreciated stocks.
Aug 04, (THEWILL) — The Nigerian stock market closed lower on Tuesday as investors lost ₦599 billion following widespread sell-offs across major counters, extending the market’s bearish momentum.
Market capitalisation declined from ₦158.614 trillion to ₦158.015 trillion, while the Nigerian Exchange (NGX) All-Share Index (ASI) dropped by 927.70 basis points to close at 244,802.83 from 245,730.53 recorded in the previous session.
Market breadth remained firmly negative, with only 13 gainers against 42 decliners, underscoring the dominance of selling pressure during the session.
Top Five Gainers
- AVACAP gained 9.94 percent (moving from ₦9.05 to ₦9.95).
- NREIT appreciated by 9.71 percent (rising from ₦103.00 to ₦113.00).
- LIVESTOCK advanced 9.49 percent (increasing from ₦7.90 to ₦8.65).
- NEIMETH climbed 8.43 percent (moving from ₦8.30 to ₦9.00).
- AIICO added 3.47 percent (closing at ₦4.18 from ₦4.04).
Top Five Decliners
- MULTIVERSE shed 10.00 percent (declining from ₦25.50 to ₦22.95).
- LIVINGTRUST lost 10.00 percent (falling from ₦3.80 to ₦3.42).
- MCNICHOLS depreciated by 9.92 percent (moving from ₦6.05 to ₦5.45).
- THOMASWY dropped 9.87 percent (declining from ₦3.95 to ₦3.56).
- ETERNA fell 9.09 percent (closing at ₦33.00 from ₦36.30).
MTN Nigeria Communications, Dangote Cement, Seplat Energy, Custodian Investment, Julius Berger, among other stocks, closed flat for the session.
Investor sentiment remained weak as profit-taking intensified across the market, leaving decliners more than three times the number of gainers. The broad-based sell-off suggests investors remain cautious despite pockets of bargain hunting in selected equities.
Analysts expect cautious trading to persist in the near term as investors continue to digest corporate earnings and reposition their portfolios. While bargain hunting could emerge in fundamentally sound stocks, profit-taking is likely to keep overall market sentiment subdued in the short term.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
