Nigerian Stocks sink again: Market crashes by N324bn in 24 hours

By Taiye Olayemi

The Nigerian Stock Market recorded a downturn on Wednesday as sustained sell pressure wiped N324 billion from investors’ portfolios, extending a negative trend across the market.

Stock Market capitalisation fell by 0.36 per cent, closing at N89.372 trillion compared to N89.696 trillion the previous day. Similarly, the All-Share Index (ASI) declined by 512.60 points or 0.36 per cent to settle at 141,248.76 from 141,761.36 on Tuesday.

The session ended with a weak market breadth: 40 stocks declined against 17 gainers.

Top Losers and Gainers

Cornerstone Insurance and RT Briscoe led the laggards at the stock market, both shedding 10 per cent to close at N6.39 and N3.06 per share respectively. ABC Transport lost 9.80 per cent to N4.51, while NGX Group dipped 9.70 per cent to N53.55. Mutual Benefits fell by 9.58 per cent to N4.06 per share.

On the positive side, Deap Capital Management rose 4.82 per cent to N1.74, Legend Internet gained 4.63 per cent to N5.65, and Africa Prudential appreciated by 3.13 per cent to N16.50.

Despite the losses at the stock market, trading volume and value improved. Investors exchanged 682.9 million shares worth N22.2 billion across 28,695 deals, compared to 605.02 million shares valued at N12.89 billion traded in 28,845 deals on Tuesday.

FCMB Group dominated activity for the third consecutive session, leading the volume chart with 108.5 million shares worth N1.19 billion. Sterling Bank followed with 86.04 million shares valued at N688.1 million, while Cutix accounted for 45.8 million shares worth N155.69 million. Access Corporation and FirstHoldCo also featured prominently, transacting 39.34 million shares valued at N1.1 billion and 35.8 million shares worth N1.16 billion, respectively.