The Nigerian stock market declined on Tuesday as sell-offs in BUA Cement Plc, Wema Bank Plc, and Ellah Lakes Plc contributed to a N275 billion loss at the Nigerian Exchange Limited (NGX).
The All-Share Index (ASI) dropped 0.40 percent to close at 105,360.19 points, down from 105,799.17 points recorded on Monday.
The decline comes ahead of the March Treasury Bills (T-Bills) auction, where the Central Bank of Nigeria (CBN) is set to offer N800 billion across three tenors, including N100 billion for 91-day bills, N200 billion for 182-day bills, and N500 billion for 364-day bills.
BUA Cement Leads Market Decline
BUA Cement saw the most price dip, shedding N9.30 or 10 percent to close at N83.70 from N93.00. Other notable declines included Ellah Lakes Plc, which fell by 4.82 percent, dropping from N3.32 to N3.16, and Wema Bank Plc, which declined by 4.19 percent, from N10.75 to N10.30.
Despite the overall market downturn, NNFM led the gainers’ chart, rising from N72.55 to N79.80, adding N7.25 or 9.99 percent. Custodian Investment Plc also saw a notable increase, gaining N1.90 or 9.69 percent, to close at N21.50 from N19.60.
Market Performance and Outlook
The market capitalization declined further to N66.068 trillion, down from N66.343 trillion recorded on Monday. The market’s week-to-date loss now stands at 0.55 percent, while the month-to-date decline has reached 2.27 percent. The year-to-date (YTD) return also fell to 2.38 percent.
Access Holdings, Universal Insurance, Fidelity Bank, Jaiz Bank, and Zenith Bank were among the most actively traded stocks, with investors exchanging 343,750,930 shares worth N7.985 billion in 11,022 deals.
With the upcoming CBN Treasury Bills auction and continued market volatility, investors are expected to remain cautious as trading activities unfold in the coming days.
