Significant Decline in Nigerian Equities Market Leads to ₦286 Billion Loss for Investors

On Tuesday, the Nigerian equities market lost ₦286 billion, primarily due to declines in shares of ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE. The market capitalization dropped to ₦66.4 trillion, with the All-Share Index falling to 106,164.64 points. Despite advancements in certain stocks, overall declines dominated the trading day.

The Nigerian equities market experienced a decline on Tuesday, resulting in a loss of ₦286 billion for investors by the trading day’s end. This downturn was primarily influenced by decreased share prices of companies such as ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE. Consequently, the equity capitalization fell to ₦66.4 trillion from ₦66.7 trillion the previous day.

The benchmark All-Share Index (ASI) fell to 106,164.64 points, down from 106,621.91 points. Despite this decline, the market breadth showed some positivity with 23 stocks advancing while 29 stocks fell, alongside 71 stocks that remained unchanged across 12,466 deals.

Leading the gainers were LIVESTOCK, CORNERST, and INTENEGINS with price increases of 9.93%, 9.25%, and 8.99%, closing at ₦9.85, ₦3.19, and ₦1.94 respectively, compared to their previous prices. Conversely, ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE were the top decliners, down by 7.98%, 7.46%, and 7.35%, with their shares closing at ₦1.50, ₦0.62, and ₦0.63.

FIDELITY BANK led the trading volume with 29 million shares over 456 deals, followed closely by ACCESS CORP and GTCO, each trading 28 million shares in 750 and 340 deals respectively. Regarding value, GTCO reported trades worth ₦1.6 billion, while ZENITH BANK followed with ₦1 billion in trades, and ACCESS CORP had a trading value of ₦680 million.

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In conclusion, the Nigerian equities market faced a significant downturn on Tuesday, leading to a collective loss of ₦286 billion. Despite gains from some stocks, notable declines in share prices of key companies fueled this bearish trend. The market’s overall performance reflects the volatility and pressures it faces, emphasizing the importance of vigilant investing strategies.

Original Source: www.ripplesnigeria.com