Nigerian equities have shed about N4.5 trillion in six straight trading sessions, extending a sell-off that erased N3.8 trillion in four sessions last week and a further N106 billion on Monday and N544 billion on Tuesday.
Quick-scan facts
- Combined market-value loss across six sessions: N4.45 trillion, approximately N4.5 trillion.
- Tuesday market capitalisation: N155.973 trillion, down 0.35 per cent.
- Tuesday All-Share Index: 242,454.65 points, a fall of 843.42 points.
- Market breadth: 37 decliners versus 22 advancing stocks.
- Sterling Nigeria led volume with 51.57 million shares traded.
- MTN Nigeria topped value turnover at N9.76 billion.
The downturn began after NGX Group Chairman Umaru Kwairanga and Group Managing Director and Chief Executive Officer Temi Popoola met President Tinubu at the Presidential Villa on August 6. Since that engagement, the market has posted losses in each of six consecutive sessions.
The week opened under pressure, with Monday’s sell-off reducing investors’ holdings by N106 billion. Selling intensified on Tuesday, when another N544 billion was removed from total market value.
At Tuesday’s close, market capitalisation stood at N155.973 trillion, compared with N156.517 trillion at the previous session’s close. That represented a daily decline of 0.35 per cent.
The All-Share Index matched the 0.35 per cent drop, losing 843.42 points to finish at 242,454.65 points. It had ended the preceding session at 243,298.07 points, while the market’s year-to-date gain eased to 55.26 per cent.
Trading breadth was negative, with 37 companies closing lower and 22 posting gains. Heavy selling was most evident among Red Star Express, Trans-Nationwide Express, Meyer, Chellaram and Fortis Global Insurance, which featured among the session’s biggest decliners.
Haldane McCall nevertheless topped the advancers, climbing 9.97 per cent to N3.20. Veritas Kapital Assurance rose 7.09 per cent to N1.36, while Tantalizer gained 5.26 per cent to close at N4 a share.
Sterling Nigeria was the most actively traded stock by volume, recording 51.57 million shares, equivalent to 12 per cent of all shares exchanged during the session.
MTN Nigeria led turnover by value, with transactions worth N9.76 billion, or 35.50 per cent of the day’s total.
The continuing pressure on Nigerian equities has brought the aggregate loss over six trading sessions to N4.45 trillion, leaving the decline close to N4.5 trillion.
