Emmanuel OchayiNGX Investors in the Nigerian equities market found themselves grappling with a loss of N220 billion as trading came to a close on Monday.
This downturn was underscored by the dip in the share value of several entities, including Abbey Mortgage Bank, Champion, Regalins, and Chams, painting a picture of heightened market volatility.
Responding to the market’s performance, financial analyst, Adeola Adeyemi, commented, “The NGX witnessed significant turbulence today, with investors facing substantial losses across various sectors. Such fluctuations can be unsettling, especially for those with significant stakes in the market.”
The capitalization, which stood at N58.4 trillion at the end of trading on Friday, plummeted to N58.2 trillion after five hours of trading on Monday. Similarly, the All-Share Index (ASI) experienced a decline, dropping from 103,437.67 to 103,047.23 within the same period.
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Reflecting on the market breadth, Adeyemi remarked, “The negative market breadth with only 17 stocks advancing, 23 declining, and 80 remaining unchanged highlights the uncertainty prevailing among investors. Such mixed sentiments contribute to the overall instability of the market.”
Despite the overall downturn, some companies managed to buck the trend. Morison Industries emerged as the top gainer, experiencing a 9.91% increase in share price. In response to this positive movement, a representative from Morison Industries stated, “We are pleased to see our share price climb amidst the market’s challenges. This is a testament to our resilience and strategic positioning in the industry.”
Conversely, Abbey Mortgage Bank led the pack of decliners, witnessing a 9.75% drop in its share price. The downward trajectory was echoed by Champion Breweries, Regency Assurance, and Chams Holding Plc, further exacerbating the market’s downturn.
Examining the trading volume, Abbey Mortgage Bank took the lead, trading 137.411 million shares valued at N343.03 million. Guaranty Trust Holding Company (GTCO) closely followed suit, trading 33.445 million shares worth N1.55 billion. These figures underscore the considerable activity within the market despite the prevailing challenges.
In terms of value, GTCO emerged as the frontrunner, trading equities worth N1.55 billion. This was closely trailed by MTN Nigeria and Access Corp, reflecting the significant financial transactions that transpired amidst the market volatility.
As investors navigate through these turbulent times, experts emphasize the importance of adopting a cautious approach and diversifying investment portfolios to mitigate risks associated with market fluctuations.
