Oando Corporation found itself at the forefront of the Nigerian stock market’s struggles as equity capitalization took a staggering 1.38 percent nosedive, resulting in a colossal N518.08 billion loss in total market value.
The market closed on Friday with a significantly reduced capitalization of N36.84 trillion, down from N37.36 trillion at the beginning of the day’s trading.
Join our WhatsApp ChannelSimilarly, the All-Share Index, a key indicator of market performance, plummeted by 946.55 basis points, closing at 67,324.59, in stark contrast to the 68,271.14 points recorded just a day earlier.
Investors grappled with the downturn, trading 1.02 billion shares valued at N4.35 billion across 6,370 deals on Friday.
These numbers represented a noticeable decline from the previous day, which saw 1.12 billion shares traded, worth N5.81 billion, in 7,949 deals.
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While some companies managed to buck the trend, with NEM leading the gainers’ list and Sunu Assurance making a significant leap in share prices, it was a somber day for others.
Oando, a prominent player in the Nigerian stock market, stood out as it experienced a substantial dip in its share price, shedding N1.30 kobo and closing at N11.85 kobo per share.
Dangote Cement also suffered a noticeable setback, with its share price dropping by N31 to conclude trading at N334 per share, down from N365.
Investors will be closely monitoring market developments in the coming days as the Nigerian capital market navigates through this challenging period of volatility.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
