Investors record heavy N900bn losses at Nigerian stock market

Investors in the Nigerian Exchange Market recorded heavy N900 billion losses on Tuesday after a four-day rally.

This comes as market capitalization dropped on Tuesday from N156.056 trillion to N155.152 trillion, representing a loss of N904 billion, or 0.58 percent.

Similarly, the All-Share Index also declined by 1,408.82 points, or 0.58 percent. It closed at 241,750.15 against 243,158.97 recorded on Monday.

As a result, the market’s year-to-date return moderated to 55.35 percent. However, in spite of the losses, market sentiment remained positive, with 46 gainers and 26 losers.

The decline ended a four-day rally on the Nigerian Exchange Ltd. (NGX).

Heavy profit-taking in Guinness Nigeria, Union Dicon Salt, AIICO Insurance, Wema Bank, MTN Nigeria, and others pressured market performance.

At the close, market capitalization dropped from N156.056 trillion to N155.152 trillion. This represented a loss of N904 billion, or 0.58 percent.

The All-Share Index also declined by 1,408.82 points, or 0.58 percent. It closed at 241,750.15 against 243,158.97 recorded on Monday.

Consequently, the market’s year-to-date return moderated to 55.35 percent.

In spite of the losses, market sentiment remained positive, with 46 gainers and 26 losers.

Accordingly, Vitafoam Nigeria, Zichis Agro Allied Industries, RT Briscoe, and McNichols led the gainers table, with each appreciating by 10 percent during the session, closing at N170.50, Zichis at N25.08, and RT Briscoe at N12.87, respectively.

Also, McNichols ended the session at N7.92 per share, followed by Chemical and Allied Products Plc, which advanced by 9.99 percent, settling at N175.65 per share.

On the flip side, NGX data showed that Guinness Nigeria shed 10 percent, closing at N447.30 per share, followed by Union Dicon Salt, AIICO Insurance, Wema Bank, and MTN Nigeria.

Further analysis showed that trading activity weakened, with total volume down by 9.85 percent. A total of 1.27 billion shares worth N75.23 billion exchanged hands. Transactions were executed across 102,665 deals during the session.

FCMB Group Plc led the volume chart with 160.59 million shares traded. This accounted for 12.66 per cent of total volume.

Guaranty Trust Holding Company Plc recorded the highest transaction value at N13.09 billion. This represented 17.40 percent of the day’s total turnover.