Nigerian Stock Market Sheds N612 Billion Amid US Diplomatic Tension

The Nigerian Exchange Market (NGX) continued its bearish performance on Tuesday, recording significant losses as the diplomatic tension between Nigeria and the United States of America intensified.

Dependable NG reports that the stock market shed a massive N612 billion on Tuesday, following a loss of N245.88 billion recorded on Monday. The decline was fueled by sustained sell-offs across various sectors, particularly in major stocks like the National Salt Company, Skyway Aviation Handling Company, Oando, UPDC, and Learn Africa, among 36 other declining stocks.

The market capitalization, which had opened at N97.582 trillion, plummeted by N612 billion to close the day at N96.970 trillion. Correspondingly, the All-Share Index (ASI) dropped by 1,109.50 points, or 0.72 per cent, settling at 152,629.61 points, down from 153,739.11 points on Monday.

Market breadth was firmly negative, with 41 stocks losing value against only 17 gainers recorded across the trading floor. The National Salt Company and Skyway Aviation Handling Company were the biggest losers, followed by Oando. On the gainers’ side, Eunisell Interlinked led the chart, rising by 10 per cent to close at N64.90, with Sunu Assurances following with a 9.98 per cent rise.

Although the market activity improved in trading volume, it declined in both value and the number of deals compared to the previous trading day. Investors exchanged 683.9 million shares worth N20.4 billion in 33,288 transactions. Aso Savings and Loans led the volume chart, trading 111.9 million shares valued at N115.2 million. The continued negative sentiment is strongly linked to US President Donald Trump’s recent threat of possible military action if the Nigerian government fails to address the alleged killings of Christians.