Nigerian Equity Market Suffers Another Blow: N730bn Lost In Two Days

NGX Bounces Back As Equity Market Gains N101bn Despite Tragic Loss Of Access Holdings

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In a display of market strength, the Nigerian Stock Exchange (NSE) rebounded from last week’s downturn, surging by N101 billion in Monday’s trading session.

Despite the somber news of the untimely passing of Access Holdings’ Group CEO, Herbert Wigwe, in a tragic helicopter crash, the market managed to maintain an upward trajectory.

The All-Share Index and market capitalization saw an impressive 0.18% increase, closing at 102,042.32 points and N55.836 trillion, respectively. Despite the dip in Access Holdings’ shares by 6.26%, other market movers like Transcorp Plc and Zenith Bank Plc contributed to the overall positive performance.

READ ALSO: NGX Bounces Back As Equity Market Gains N101bn Despite Tragic Loss Of Access Holdings

Trading volume stood at 242.43 million shares, with a total value of N5.12 billion exchanged in 8,715 deals. Market breadth, reflecting investor sentiment, turned positive with 33 gainers and 23 losers. Noteworthy gainers included Chams Holdings, NCR, and Royal Exchange, each climbing by 10%.

However, some stocks, like John Holt, PZ Cusson, and May&Baker, experienced losses ranging from 9.80% to 9.88%. Sector-wise, the NGX Insurance, NGX Consumer Goods, and NGX Oil/Gas indexes posted gains, while Banking and Industrial Goods sectors faced slight setbacks.

Access Holdings, VeritasKap, and Guaranty Trust Holding Company Plc emerged as key drivers of both volume and value in the market.

Despite the tragic event affecting one of Nigeria’s prominent companies, investors demonstrated confidence in the broader market, signaling resilience in the face of adversity.

The market’s ability to bounce back in the wake of such news underscores the robustness of Nigeria’s financial ecosystem and the determination of investors to navigate challenges while seeking opportunities for growth.

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