Equities Investors’ Wealth Dips N68.5bn as NGX ASI Scorched by Losses 

Samuel Mobolaji

Investors faced a scorching day in the Nigeria equities market as the NGX All-Share Index tumbled by 12 basis points to close at 100,365.17 points.

The day’s downturn was ignited by substantial selling pressures, particularly impacting leading stocks such as GTCO, FBNH, and UBA, which recorded losses of 0.11 per cent, 1.60 per cent, and 5.07 per cent, respectively.

The relentless selling spree further eroded the year-to-date return to 34.23 per cent, while market capitalization witnessed a significant decline of N68.49 billion, settling at N56.83 trillion.

Analysis of the market activity showed that yesterday’s trading surged compared to the previous session, with a total turnover of 497.84 million shares valued at N8.61 billion exchanged in 8,412 deals. FCMB led in trading volume with 133.92 million units, while ZENITHBANK dominated in value with transactions worth N2.19 billion, despite its share price remaining unchanged.

Market breadth closed negatively, with declining stocks outnumbering advancing ones at a ratio of 0.71-to-1. NSLTECH led the decliners, dropping 9.43 per cent, accompanied by twenty other stocks. On the other hand, SOVRENINS emerged as a beacon of hope, climbing 10.00 per cent, and leading fourteen other gainers.

Yesterday’s market performance underscored heightened volatility, fueling apprehension among investors amidst diverse sectoral outcomes. Analysts anticipate continued fluctuations in the short term, influenced by both domestic economic policies and global market trends.

Investors are advised to exercise caution, conduct thorough research, and seek expert advice to navigate these challenging market conditions effectively.