Investors on the Nigerian Exchange (NGX) lost approximately N424 billion on Tuesday as selling pressure reversed the gains recorded in the previous trading session.
Equity market capitalisation declined from N163.955 trillion on Monday to N163.531 trillion, representing a decrease of approximately N424.31 billion.
The NGX All-Share Index also fell by 653.64 points, or 0.29 percent to 251,913.20 points from 252,566.84 points recorded on Monday.
The decline reversed Monday’s advance, when market capitalisation had increased by approximately N299 billion and the benchmark index gained 0.18 percent.
Trading activity also weakened sharply on Tuesday.
Investors exchanged 548.67 million shares valued at N34.30 billion across 47,301 deals, compared with 1.014 billion shares worth N39.02 billion in 61,517 transactions during the previous session.
Trading volume consequently declined by approximately 45.9 percent, while transaction value fell 12.1 percent.
The number of deals also decreased by about 23.1 percent, indicating weaker overall trading activity compared with Monday.
GTCO emerged as the most actively traded equity by volume, recording 88.73 million shares valued at N11.73 billion.
UBA followed with 48.84 million shares worth N2.23 billion, while Fidelity Bank recorded 45.64 million shares valued at N1.04 billion.
Access Holdings traded 41.81 million shares worth N1.29 billion, while Zenith Bank recorded 34.21 million shares valued at N4.55 billion.
On the gainers’ table, NPF Microfinance Bank and LivingTrust Mortgage Bank both recorded the maximum 10 percent increase, closing at N4.40 and N2.86, respectively.
Wapic Insurance gained 9.95 percent to N2.43, VFD Group advanced 9.84 percent to N13.40, while ABC Transport appreciated another 9.82 percent to N6.15.
Among ordinary equities on the decliners’ side, Sovereign Trust Insurance fell 9.92 percent to N2.36, while Unilever Nigeria declined 8.55 percent from N109.90 to N100.50.
Neimeth International Pharmaceuticals lost 6.02 percent to N7.80, while University Press Plc declined 6 percent to N4.70.
Tuesday’s decline brought the market’s recent advance to a halt, with the All-Share Index closing at 251,913.20 points and equity market capitalisation falling to N163.53 trillion.