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  • Business - Market Data
  • Updated: March 02, 2024

NGX returns to red zone, equity investors lose N67 billon

 NGX returns to red zone, equity investors lose N67 billon

Equity investors on the Nigerian Exchange lost a total of N67 billion during a downturn-plagued day as the market moved back into the red zone. 

The consumer goods, insurance, and banking industries saw significant sell-offs, which caused the All-Share Index to decline by 0.12% to close at 101,239.10 points. As a result, market capitalization, which represented the index's decrease, finished at N55.40tn.

The market gained N165 billion on Wednesday, but after a brief period in the green, year-to-date returns dropped to 35.39%. However, things took a turn for the worst during Thursday's trading session.

With traded volume down 16.43% to 252.9 million units and total traded value down 24.54% to N4.94 billion, trading activity reflected the muted mood. There was a 15.83% decrease in total deals, or 7,248 trades.

The market's breadth was negative, consisting of 28 losers and 22 winners. Top gainers were Juli, Omatek, and Sunu Assurances Plc; top losers were Daar Communications, Wema Bank, and PZ Cussons.

Across the board, there were bearish emotions stoked by sell-offs in important equities, especially in the banking, insurance, and consumer goods sectors. The oil and gas index was steady, although the industrial products sector saw a slight increase of 0.04%.

FBN Holdings was the most traded security by volume and value, with 31.86 million units moved for N917.27 million in 381 deals. As volatility lingers, investors continue to exercise caution, attentively watching market dynamics and sectoral performance before making investment decisions.

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