Equities Investors Lose N188bn as Market Suffers Sell-off
Samuel Mobolaji
Equities investors on the Nigerian Exchange lost approximately N188 billion, driven by selloffs in key listed companies, including Oando, among many others.
The market, beginning the last quarter on a negative trend, saw its key performance indicators drop by 0.33 per cent, reflecting the selloff impact.
At the end of the trading session, the All-Share Index (ASI) declined by 326.40 basis points, representing a 0.33 per cent decrease, closing at 98,232.39.
Stockbrokers attributed this drop to profit-taking activities in OANDO, UBA, ACCESSCORP, and others, which dragged the Nigerian Exchange (NGX) downward.
Despite mixed market activities, total volume traded decreased by 39.93 per cent while total trade value rose by 6.94 per cent.
According to Atlass Portfolios Limited, around 425.76 million units worth N8,450.87 million were exchanged in 8,451 deals.
UBA led in terms of trade volume, accounting for 25.38% of the total volume traded, followed by ZENITHBANK (8.26%), VERITASKAP (7.19%), ELLAHLAKES (5.08%), and REGALINS (4.48%). UBA also dominated in trade value, contributing 35.66% of the total.
In contrast, INTBREW led gainers with a price increase of 9.98%. Other top gainers included MEYER (+9.94%), VERITASKAP (+9.93%), and TRIPPLEG (+9.91%).
On the downside, thirty-two stocks depreciated, with ELLAHLAKES leading the decliners at -9.93%. Other significant losers were CAVERTON (-9.92%), LIVESTOCK (-9.03%), OANDO (-6.78%), and ACCESSCORP (-4.13%).
The market breadth closed negative, recording 25 gainers against 32 losers, with the overall market capitalization shedding N187.56 billion, ending at N56.45 trillion. Sector-wise, the Banking (-2.01%) and Oil & Gas (-0.13%) indexes were hit by bearish sentiment, while the Consumer Goods (+1.07%), Insurance (+0.97%), and Industrial Goods (+0.02%) indexes managed to post gains.
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