Investors Lose N65.96bn as Nigerian Stock Market Sheds 0.12%

Samuel Mobolaji

Investors faced losses amounting to N65.96 billion on Tuesday, October 8, 2024, as the Nigerian stock market slipped into negative territory.

The All-Share Index (ASI) dropped by 0.12 per cent, falling by 121.89 points to close at 97,584.81.

Despite a significant surge in market activity, with trading volume jumping 133 per cent to 719 million shares, the market’s total value shrank, leaving investors in the red.

While trading volume was robust—led by WAPIC, which traded 402 million shares, and FIDELITYBK, with 49 million shares—the market’s overall performance remained disappointing.

Top gainers like REGALINS, which surged 10 per cent, and PZ, rising 8.78 per cent, could not offset the steep losses experienced by major stocks. Investors in GUINNESS lost the most, as the stock plummeted by 10 per cent, wiping out a significant portion of its value. AFRIPRUD and INTBREW followed with sharp declines of 9.86 per cent and 9.07 per cent, respectively.

In terms of trading value, SEPLAT led with transactions worth N2.24 billion, but this did little to cushion the broader market’s losses. GUINNESS, which saw trading volumes worth N630.22 million, also contributed to the decline. Other large-cap stocks such as MTNN, which slipped 0.58 per cent, and FUGAZ players like GTCO, UBA, and ZENITH BANK, all experienced losses that deepened the overall market retreat.

The losses reflect a difficult day for investors, as Tuesday’s decline erased billions from their portfolios. Despite a year-to-date performance that remains positive at 30.51 per cent, the market’s recent volatility continues to threaten short-term gains, with investors watching billions evaporate as key stocks underperform. The question now is whether the market can regain its footing, or if these losses will continue to pile up in the coming days.