NGX investors lose whopping N3.8 trillion after Tinubu visit

Investors in the Nigerian Exchange Limited (NGX) incurred a staggering loss of N3.8 trillion over four trading sessions, concluding the week on a bearish trend following a visit from President Bola Ahmed Tinubu. According to data from NGX, the Nigerian stock market experienced a decline from Tuesday to Friday, totaling a loss of N3.8 trillion. On Tuesday and Wednesday, the NGX suffered losses of N2.932 trillion, while Thursday and Friday added N613 billion and N257 billion respectively.

By Friday, the market capitalization had decreased by 0.16 percent, falling from N156.880 trillion to N156.623 trillion. The All-Share Index (ASI) also dipped, losing 398.18 points, or 0.16 percent, to close at 242,619.20, down from 243,017.38 on Thursday. The downward momentum was fueled by sell-offs in several stocks, including Fortis Global Insurance, Omatek Ventures, John Holt, RT Briscoe, and Dangote Sugar, along with 25 other declining shares.

Fortis Global Insurance was the top loser, plummeting by 9.31 percent, while International Energy Insurance led the gainers with a 9.92 percent increase, closing at N5.32. Market activity weakened on Friday, with total trading volume dropping by 66.64 percent to 1.41 billion shares, valued at N45.31 billion across 39,134 deals. Fortis Global Insurance witnessed the highest trading volume, with 874.08 million shares traded, accounting for 61.83 percent of the total volume.

MTN Nigeria recorded the highest value traded, amounting to N31.37 billion, which represented 69.24 percent of the total value traded on Friday.