Investors record N1.17tn significant loss as NGX reverses gain

On Tuesday, Nigerian investors suffered a significant N1.17 trillion loss as the Nigerian Exchange, NGX, reversed its four-day winning streak. The market capitalization dropped by 0.73 percent, plummeting from N160.421 trillion to N159.255 trillion. The All-Share Index (ASI) also plummeted, falling 1,806.18 points to close at 246,723.57 points.

Despite the mixed trading results, the year-to-date return for the market dropped to 58.55 percent, despite 28 stocks gaining value against 27 that lost. Thomas Wyatt Nigeria took the lead in the losers' chart, plunging by 9.97 percent to close at N2.89. AVA Capital followed closely behind with a 9.60 percent decline to N8.95. International Energy Insurance also saw a 6.32 percent drop to N4, while International Breweries suffered a 5.98 percent loss to close at N11.

Conversely, UPDCREIT led the gainers' chart, surging by 10 percent to close at N14.85. FTN Cocoa Processors and C&I Leasing also saw significant gains, with FTN Cocoa Processors rising by 9.88 percent to N8.90 and C&I Leasing climbing 8.26 percent to N5.90. Sovereign Trust Insurance and Regency Alliance Insurance also posted gains of 6.74 percent and 6.33 percent, respectively, closing at N1.90 and 84 kobo.

Trading volume surged, with 3.909 billion shares valued at N32.38 billion exchanged in 45,608 deals, compared to 1.137 billion shares worth N27.02 billion traded in 59,185 deals on Monday. Fortis Global Insurance was the most actively traded stock, accounting for 3.29 billion shares worth N9.58 billion, which constituted 84.22 percent of the total volume and 29.57 percent of the total value traded.