NGX: Investors lose N4.5tn in six consecutive sessions after management’s visit to Tinubu

Investors in the Nigerian stock market have suffered significant financial losses, totaling approximately N4.5 trillion, after investing in the NGX Group. This decline occurred over the course of six consecutive trading sessions, following a visit from NGX Group management to President Tinubu. The losses began with a staggering N3.8 trillion over four trading sessions last week, and continued on Monday and Tuesday when investors lost an additional N106 billion and N544 billion respectively.

The equities market has recorded a cumulative decline of N4.45 trillion, or around N4.5 trillion, since the visit. The market opened the week with a bearish sentiment, resulting in losses of N106 billion on Monday. This negative trend persisted on Tuesday, with a further N544 billion wiped off market capitalization. Tuesday's market performance saw a decline in market capitalization from N156.517 trillion to N155.973 trillion, marking a 0.35 percent decrease at the close of trading.

The All-Share Index (ASI) also fell by 0.35 percent, falling 843.42 points to close at 242,454.65 points. The year-to-date return moderated to 55.26 percent, with market breadth closing negative as 37 stocks recorded losses against 22 gainers. The downturn was primarily driven by large sell-offs, with Red Star Express leading the losers' chart, followed by Trans-Nationwide Express, Meyer, Chellaram, and Fortis Global Insurance.

Despite the negative session, Haldane McCall led the gainers' chart, rising 9.97 percent to close at N3.20. Veritas Kapital Assurance and Tantalizer also appreciated, with gains of 7.09 percent and 5.26 percent respectively. The continued sell-off is attributed to heightened pressure in the equities market, with cumulative investor losses approaching N4.5 trillion over the six consecutive sessions.