Investors on the Nigerian Exchange Limited (NGX) saw a combined N2.932 trillion wiped from equity valuations across Tuesday and Wednesday, extending the market’s recent decline.
Key takeaways
- Wednesday’s market capitalisation fell 1.12 per cent to N157.493 trillion from N159.255 trillion.
- The All-Share Index dropped 2,756.48 points to 243,967.09, while the year-to-date gain eased to 56.78 per cent.
- International Energy Insurance, Ecobank Transnational Incorporated and Trans-Nationwide Express posted the strongest advances.
- Trading volume plunged 62.78 per cent to 1.46 billion shares, with transactions valued at N20.94 billion.
- Fortis Global Insurance dominated volume, while First Holding Company recorded the highest value of trades.
Market losses deepen
Wednesday accounted for N1.762 trillion of the two-day decline, following the N1.17 trillion reduction recorded in the previous session.
On Tuesday, Wyatt, AVA Capital, International Energy Insurance and International Breweries were the leading decliners as investors absorbed losses in their portfolios.
The downward move continued on Wednesday, when total equity value contracted by 1.12 per cent to N157.493 trillion, compared with N159.255 trillion at Tuesday’s close.
The benchmark All-Share Index also surrendered 2,756.48 points, equivalent to 1.12 per cent, ending the session at 243,967.09 against 246,723.57 previously. Following the decline, the index’s return since the start of the year moderated to 56.78 per cent.
BUA Foods, Unilever, John Holt, AVA Capital and Austinlaz were among the stocks responsible for the session’s losses.
Despite the fall in the broader market, the number of advancing and declining stocks was evenly matched, with 28 gainers and 28 losers.
International Energy Insurance topped the gainers after rising 10 per cent to N4.40 per share. Ecobank Transnational Incorporated gained 9.93 per cent to N6.45, while Trans-Nationwide Express climbed 9.77 per cent to close at 21k per share.
Trading activity weakens
Market activity also slowed significantly. Total volume fell 62.78 per cent to 1.46 billion shares, while the value of trades reached N20.94 billion through 39,085 transactions.
Fortis Global Insurance was the most actively traded stock by volume, with 853.16 million shares changing hands. That represented 58.63 per cent of all shares traded during the session.
First Holding Company led the market by transaction value, recording deals worth N3.90 billion, or 18.61 per cent of the day’s total.
