Investors panic as Nigerian Stock Market loses N74 billion in one day

By Taiye Olayemi

The Nigerian stock market suffered a setback on Wednesday as the All-Share Index (ASI) and market capitalisation plunged by 0.11 per cent, wiping off a whopping N74 billion in value.

The Nigerian Exchange Ltd. (NGX) saw its stock market capitalisation drop to N66.140 trillion from N66.214 trillion, while the ASI slipped by 117.90 points, closing at 105,475.38 from 105,593.28 recorded the previous day.

Despite the downturn, some stocks defied the odds. Mutual Benefits Assurance led the charge, soaring by 10 per cent to close at 88k per share. Close behind, Royal Exchange surged 9.88 per cent to hit 89k, NEM Insurance climbed 9.84 per cent to N13.40, and Lasaco Assurance jumped 9.56 per cent to N2.75 per share.

eTranzact International also impressed with a 9.52 per cent rally, closing at N5.75 per share.

However, the losers’ chart painted a different picture. Union Homes Real Estate Investment Trust tanked by 9.93 per cent to N51.25, while ABC Transport plunged 9.80 per cent to N1.38 per share. Universal Insurance, DAAR Communications, and Champion Breweries also took a hit, dropping 8.33 per cent, 6.45 per cent, and 5.00 per cent, respectively.

The trading floor was a hive of activity as a staggering 5.760 billion shares, valued at N342.605 billion, exchanged hands across 10,908 deals.

In a jaw-dropping turn, WAPCO dominated the trading activity with an unprecedented 4.473 billion shares worth N330.146 billion.

Other heavy movers included: Sovereign Trust Insurance, with 607.057 million shares valued at N607.080 million, CUTIX, trading 358.333 million shares worth N860.044 million, Fidelity Bank, exchanging 61.858 million shares valued at N1.177 billion and Access Corporation, transacting 43.791 million shares worth N973.747 million. (NAN)