Shareholders in Nigeria’s capital market witnessed a significant setback as they lost approximately N289bn in a single trading day.
The Nigerian Exchange (NGX) experienced notable sell-offs, particularly in stocks such as Transcorp, Oando, and MRS Oil, leading to a broad-based decline across both small and mid-cap stocks.
This downturn marks the continuation of a sustained bearish trend that has weighed on the market in recent sessions.
The NGX All-Share Index fell by 460.56 points, settling at 104,915.13 at the close of today’s trading session. This represents a 0.44 per cent decline, extending the market’s year-to-date losses.
Despite the overall decline, the market saw a sharp increase in trading activity.
The volume of shares traded surged by 290.47 per cent, while the total value of transactions grew by 50.52 per cent.
In total, 1,366.56 million shares, valued at ₦12.37bn, were exchanged in 12,012 transactions on the day.
Notably, Sovereign Trust Insurance Plc led the volume chart, representing 73.92 per cent of the total transactions.
It was followed by Fidelity Bank Plc.
In terms of value, Transcorp emerged as the most traded stock, accounting for 27.69 per cent of the total value traded.
Among the day’s notable advancers, Julius Berger Plc rose by 8.47 per cent, followed by Omatek Ventures Plc by 6.15 per cent.
However, the broader market showed weakness as 37 stocks recorded losses, with Livestock Feeds Plc leading the decliners at a sharp 10.00 per cent loss. Other major losers included MRS Oil Plc (-8.99 per cent), and Transcorp (-7.84 per cent), among others.
As a result of these declines, the total market capitalisation of the Nigerian Exchange fell by N288.8bn settling at N65.79trn.
Investors are closely watching these developments, as the market continues to grapple with sustained selling pressures and negative sentiment.
The outlook for the short term remains uncertain, with investors seeking clearer signals on the potential for recovery.
Shareholders Suffers N289bn Loss Amid Declines In Stocks is first published on The Whistler Newspaper
Source: The Whistler
