Investors’ Record Worst Daily loss as NGX Sheds N8576bn
Equities investors in the Nigerian Exchange see a large loss on Thursday amidst selloffs, especially a 10% daily loss in Airtel Africa, the largest company by market capitalisation.
Consequently, key performance indicators inched lower by 3.23% amidst an expectation the local bourse would decline further in the latter part of the year as a result of higher yields on fixed income market instruments. Market return worsened as bears continue to dominate activities in the domestic bourse.
Share price of the most valued telecom company Airtel Africa with Ticker:AIRTELAFRI tumbled by 10.0%, being the maximum allowable daily loss – a signal that there could more weight loss to its valuation as the week comes to close.
Precisely, the All-Share Index declined by 3.2% to 47,260.89 points – the most significant single-day loss since 12th March 2020 (-3.7%), stockbrokers at Cordros Capital said in a market note.
Amidst rising headline inflation rate and worsening local currency exchange rate, the stock market year to date return moderated to +10.6%. The total volume traded increased by 3.8% to 140.67 million units, valued at N2.52 billion, and exchanged in 4,371 deals.
According to data from the trading platform, share of GTCO was the most traded stock by volume at 27.73 million units, while newly listed GEREGU remains the most traded stock by value at N586.76 million.
Analysing by sectors, the Banking (-0.9%), Industrial Goods (-0.3%), Insurance (-0.3%), and Consumer Goods (-0.1%) indices printed losses, while the Oil & Gas index closed flat. READ: NGX Sheds Weight as Equities Investors Dump Banks Shares
At the close of the trading session, market capitalization dropped by ₦858.30 billion, representing a decrease of 3.23% to close at ₦25.74 trillion -lowest in 5 months- from ₦26.60 trillion yesterday. # Investors Record Worst Daily loss as NGX Sheds N8576bn
