Weak sentiment wipes N544bn off equity market value
Weak sentiment leads to a significant equity market downturn on the Nigerian Exchange, wiping N544bn off market value. Discover key indicators and stock mo Read More: https://punchng.com/weak-sentiment-wipes-n544bn-off-equity-market-value/
The Nigerian equity market experienced a significant decline on Tuesday, wiping out approximately N544 billion from its market value. The All-Share Index fell by 843.42 points, reaching 241,611.23 at the close of trading, down from 242,454.65 on Monday. This downturn across major sectors was evident in the NGX Main-Board Index, which dropped to 10,892.14 points, and the NGX 30 Index, which fell to 8,859.78 points.
The NGX Banking Index and the NGX Consumer Goods Index also recorded notable declines, reflecting widespread selling pressure throughout the market. Trading volume on the equities market saw 35,625 trades involving 429.81 million shares, with the Main Board contributing the majority of this activity. Notable price movers included Haldane McCall Plc, which surged 9.97 percent to close at N3.20 per share, while Red Star Express Plc saw the steepest decline at 10 percent, falling to N16.20 per share.
Despite some positive movements, the overall sentiment remained bearish, marking a sharp contraction in the market's valuation.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
