NGX Investors lose massive N2.93tn in two trading sessions

Investors on the Nigerian Exchange Limited (NGX) suffered significant losses of N2.932 trillion over two trading sessions on Tuesday and Wednesday, as the equities market continued its downward trajectory. The losses were particularly pronounced on Wednesday, where investors shed an additional N1.762 trillion following a N1.17 trillion decline on Tuesday. Key contributors to the losses included Wyatt, AVA Capital, International Energy Insurance, and International Breweries.

On Wednesday, the market capitalisation dropped by 1.12 percent to N157.493 trillion, down from N159.255 trillion on Tuesday. The All-Share Index also fell by 2,756.48 points, or 1.12 percent, to close at 243,967.09, compared to 246,723.57 on the previous session. This decline moderated the year-to-date return to 56.78 percent. The bearish trend was evident in the market's year-to-date performance, with BUA Foods, Unilever, John Holt, AVA Capital, and Austinlaz among the stocks that experienced significant losses. Market breadth remained flat, with equal numbers of gainers and losers.

On the brighter side, International Energy Insurance led the gainers with a 10 percent increase, closing at N4.40 per share. Ecobank Transnational Incorporated and Trans-Nationwide Express also showed gains of 9.93 percent and 9.77 percent, respectively. Despite the overall negative sentiment, market activity continued, albeit at a reduced pace.

The total volume traded dropped by 62.78 percent to 1.46 billion shares, valued at N20.94 billion across 39,085 transactions. Fortis Global Insurance led the trading volume with 853.16 million shares, accounting for 58.63 percent of the day's total volume. First Holding Company recorded the highest transaction value at N3.90 billion, representing 18.61 percent of the total value traded.