Equities Market Dips 336 Points, Investors Lose N193bn Amidst OANDO Plunge

Samuel Mobolaji

The Nigerian Exchange (NGX) ended the day in the red, with the All-Share Index (ASI) plummeting by 336.26 points, closing at 96,537.48 points.

This 0.35 per cent decline reflects a bearish market sentiment that saw investors losing a staggering N193.16 billion in market capitalization, which dropped to N55.45 trillion from N55.65 trillion.

The downturn was heavily influenced by the underperformance of key financial stocks, notably OANDO, which suffered a 10 per cent share price decline. This sharp fall came on the heels of OANDO’s impressive entry into the trillion-Naira stock category just the previous day, underscoring the market’s volatility.

Despite 22 stocks recording gains, DAARCOMM led the pack with a 10 per cent increase, while OANDO was the day’s biggest loser, spearheading the 33 declining stocks with its significant drop. OANDO also dominated trading volumes, with 37.18 million shares traded, yet this was not enough to stave off the broader market losses.

Trading volumes and values saw notable contractions, with the market recording a 17.71 per cent decrease in traded shares and a 21.43 per cent drop in trade value, totaling N8.18 billion, down by N2.23 billion from the previous session.

The session concluded with 12,039 deals, down from 12,532 in the previous trading day, further highlighting the bearish grip on the market. The financial sector, particularly the SWOOT and FUGAZ stocks, bore the brunt of the decline, with notable losses across major banking stocks, including Zenith Bank, UBA, and Access Holdings.

Investors will be closely watching market movements in the coming days, as the NGX grapples with continued volatility and the potential for further losses.