Investors reeling as stock market loses N70 billion in dramatic downturn
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Leading the charge on the gainers’ table was RT Briscoe, which skyrocketed 10% to N2.09, while Eunisell Interlinked Plc surged 9.75% to N12.95. Livestock Feeds jumped 9.61% to N8.90, and Meyer Plc posted an 8.89% gain to close at N9.80.
It was a red day on the trading floor Wednesday as panic-selling gripped investors, wiping a staggering N70 billion off the Nigerian stock market in a single session.
The Nigerian Exchange Ltd. (NGX) All-Share Index plummeted by 111.37 points, a 0.10% decline, dragging the market capitalisation down to N68.895 trillion from Tuesday’s N68.965 trillion — a sharp reminder of the market’s volatility.
The slump, driven by intense sell-offs in banking stocks and widespread investor caution, left many portfolios bruised.
Despite the bloodbath, the market breadth was evenly split: 29 gainers battled 29 losers, in a day packed with dramatic swings.
Leading the charge on the gainers’ table was RT Briscoe, which skyrocketed 10% to N2.09, while Eunisell Interlinked Plc surged 9.75% to N12.95. Livestock Feeds jumped 9.61% to N8.90, and Meyer Plc posted an 8.89% gain to close at N9.80.
But the losers’ chart told a grim tale: Champion Breweries and Lasaco Insurance both plunged by 10%, with shares closing at N7.20 and N2.52 respectively. McNicholas dropped 9.45%, and Multiverse Mining tumbled 7.22% to N9.
Trading activity remained hot despite the decline, with a massive 664.16 million shares worth nearly N13 billion exchanged in over 19,000 deals.
Japaul Gold topped the activity chart, moving 90.02 million shares valued at N186.47 million. Tantalizer followed closely with 82.75 million shares worth N231 million, while Fidelity Bank shifted 67.69 million shares valued at a whopping N1.26 billion.
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