NGX reverses gains as bearish pressure wipes out N516 billion in market value
The Nigerian Exchange Limited (NGX) reversed its brief upward traction on Wednesday, returning to negative territory as N515.95 billion was wiped out of equities market capitalisation. The post NGX reverses gains as bearish pressure wipes out N516 billion in market value appeared first on Nairametrics .
The Nigerian Exchange Limited (NGX) witnessed a reversal of its earlier gains on Wednesday as bearish sentiment led to a loss of N515.95 billion in equity market capitalization. The All-Share Index (ASI) plummeted by 0.32%, closing at 245,116.49 points, down from the previous day's 245,911.13 points. Equities market capitalisation also shrank from N159.67 trillion to N159.15 trillion.
Despite this overall decline in equity values, trading activity remained robust with 354.03 million shares traded in 32,514 deals. Negative market breadth, characterized by 37 equities falling compared to 18 gainers, exacerbated the downturn. Notably, the NGX Banking Index slipped by 1.49% to 2,456.31 points, while the NGX Insurance Index fell 1.41% to 1,053.31 points due to substantial drops in companies like Access Holdings and First Holdco.
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