Investors Lose N1.1trn As Nigerian Equities Market Declines

The Nigerian equities market experienced a significant downturn recently, with investors losing N1.1 trillion by the close of trading.

The dip was driven by declines in the share prices of several key stocks, including ETERNA, Dangote Cement, and DAAR Communications.

The equity capitalisation fell to N55.6 trillion, a decrease from the N56.7 trillion recorded. The All-Share Index (ASI) also dropped, closing at 98,201.49 compared to 100,156.96 the previous day.

Market breadth was negative, with 23 stocks declining and only 17 advancing, while 72 remained unchanged across 9,098 deals. Among the gainers, OANDO, FCMB, and WAPIC saw share price increases of 10 percent, 8.22 percent, and 7.50 percent, respectively. On the downside, ETERNA, Dangote Cement, and DAAR Communications led the decliners, with their share prices falling by 10 percent, 9.99 percent, and 9.62 percent.

In terms of trading volume, FCMB was the most active, with 495 million shares traded at a value of N3.76 billion across 136 deals. ABBEYBDS followed, trading 234 million shares valued at N610 million in 564 deals, while OANDO traded 73 million shares worth N1.47 billion in 651 deals.

On the value index, TRANSCORP recorded the highest trading value of the day, with transactions worth N10.3 billion across 468 deals. This was followed by FCMB and OANDO, which recorded trading values of N3.76 billion and N1.47 billion, respectively.

The sharp decline in market value underscores the volatility and risks in the Nigerian equities market, prompting investors to monitor market trends closely as they navigate the current economic landscape.