Equities Investors Lose N1.92trn in Nigerian Market
Equities investors lost N1.92 trillion on Thursday in the Nigerian stock market as sell pressure hit some high-cap stocks, reversing the previous rally. Major losers include BUACEMENT (-6.51%), DANGCEM (-4.89%), WAPCO (-5.07%), and ZENITHBANK (-3.10%).
At the close of the trading session, the Nigerian Exchange (NGX) All-share index (ASI) plunged, and key performance indicators went south in the latest round of market correction.
Investors took profit in some companies that recently recorded significant price surges, and the patterns were the same across key sectoral names.
NGX All-Share Index declining 1.23% to settle at 239,734.61 points, pulling the year-to-date return down to +54.06% and erasing ₦1.92 trillion from market capitalisation, which closed at ₦153.86 trillion.
Market breadth was broadly positive at 1.4x, as 41 gainers led by CAP, FTNCOCOA, ZICHIS, MEYER, and BERGER outpaced 30 losers, with UPL, REDSTAREX, SKYAVN, CILEASING, and CONHALLPLC recording the most notable losses.
Sectoral performance was mixed, as Insurance (+1.51%), Oil & Gas (+0.39%), Commodity (+0.26%), and Consumer Goods (+0.10%) all finished in positive territory, while Industrial (-5.45%) and Banking (-1.11%) weighed heavily on the index.
Trading activity was divergent, as volume and turnover climbed 29.34% and 21.44%, respectively, to 1.83 billion shares and ₦72.17 billion, while deal count slipped 5.45% to 81,131 transactions.
Heading into Friday’s session, the market is expected to recover its bullish footing as investors recalibrate their portfolios and seek fresh entry positions, stockbrokers said. Equities Investors Lose N1.92trn in Nigerian Market
