Nigeria stock market dips despite $55 million trading surge as MTN, banks drag
Nigeria’s stock market slipped on Tuesday, breaking a strong upward run, even as trading activity surged sharply across the board.
Black News 
Nigeria’s stock market slipped on Tuesday, breaking a strong upward run, even as trading activity surged sharply across the board.
- Nigerian stocks fell 0.54% on Tuesday after a strong recent rally
- Trading activity surged, with turnover jumping 71% to N75billion
- Banking and telecom stocks, including MTN Nigeria, dragged the market lower
- Despite the dip, the market is still up over 55% year-to-date
Data from the Nigerian Exchange Limited (NGX) showed that investors traded about 1.27 billion shares worth N75.1 billion ($55 million) in 102,427 deals.
That marked a 31% jump in volume and a 71% rise in turnover compared with the previous session, suggesting sustained investor interest despite the market’s decline.
The benchmark NGX All-Share Index fell by 0.54% to close at 241,849.24 points, dragged down largely by losses in major stocks including MTN Nigeria and banking names. The dip reflects some profit-taking after a strong rally in recent weeks.
Even with Tuesday’s decline, the market remains on a solid upward trajectory.
The index is up 8.16% over the past week, nearly 20% over the past month, and more than 55% since the start of the year, one of the strongest performances among frontier markets.
Market capitalisation stood at N155.2 trillion (about $114 billion), underscoring the growing size of Nigeria’s equities market amid renewed foreign and domestic investor participation.
Trading was broad-based, with 133 listed equities active. Gainers significantly outpaced losers, with 46 stocks rising compared to 28 decliners.
Insurance and consumer-related stocks led the gains. Sunu Assurances Nigeria topped the chart, rising 18.11% to N4.50 per share. It was followed by Champion Breweries, Livestock Feeds and Vitafoam Nigeria, all posting double-digit increases.
On the losing side, consumer and financial stocks came under pressure. Guinness Nigeria fell 10%, while Wema Bank and MTN Nigeria also recorded notable declines.
Banking stocks dominated trading volumes, reinforcing their central role in market liquidity. FCMB Group led with 161 million shares traded, followed by Guaranty Trust Holding Company, Access Holdings and Zenith Bank.
Across sectors, performance was mixed. Industrial stocks continued to outperform, with the NGX Industrial Index rising 2.49% and posting a year-to-date gain of over 100%, reflecting strong demand for cement and infrastructure-related plays.
Insurance and consumer goods indices also edged higher.
However, the NGX Banking Index declined 1.22%, while the NGX Top 30 Index, which tracks the market’s biggest companies, fell 0.9%, highlighting weakness among large-cap stocks.
The broader trend suggests that while Nigeria’s equities market remains in a bullish phase, driven by currency reforms, improved liquidity, and a search for inflation hedges, short-term pullbacks are beginning to emerge as investors lock in gains.
