For the second day straight, the Nigerian Equities Market (NGX) saw a downturn, leaving investors with a collective loss of N62.21 billion.
The NGX-All Share Index (ASI) dropped to 104,553.31, down from the previous day’s 104,663.34. Market capitalization also took a hit, decreasing to N59.116 trillion from N59.178 trillion.
According to market reports, 27 stocks showed gains while 23 experienced declines, with 68 remaining unchanged out of 9,548 deals. Adaobi Okonkwo, a seasoned trader, expressed concern over the consistent dip, stating, “Investors are becoming wary, unsure of market stability.”
Leading the gainers was International Energy Insurance Plc, with a notable 10% increase, closing at N1.32. “It’s refreshing to see some green amidst the sea of red,” remarked Chidi Onwuka, an avid stock enthusiast. Other gainers included International Breweries, Juli, and NEM Insurance Plc, with increases ranging from 9.59% to 9.89%.
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Conversely, Daar Communications Plc faced the steepest decline, shedding 9.86% to close at N0.64. “Days like these make you question your investment decisions,” lamented Ibrahim Sani, a retail investor. Other notable decliners were Computer Warehouse Group (CWG), Sovereign Trust Insurance, and Fidson Healthcare Plc, with losses ranging from 6.25% to 9.09%.
In terms of volume, First Bank of Nigeria Holding (FBNH) Plc led the pack, trading 37.807 million units of shares valued at N1.573 billion. “Trading volumes seem healthy despite the downturn,” remarked analyst Bolanle Adeyemi. United Bank for Africa (UBA) Plc and Access Bank Holding Plc followed closely, trading equities worth N954.382 million and N649.273 million respectively.
FBNH also topped the value index, trading stocks worth N1.573 billion, followed by UBA at N954 million and MTNN at N680 million. “The market remains volatile, influenced by both internal and external factors,” noted financial expert, Tunde Adewale.
With uncertainties looming, investors are advised to tread cautiously in the NGX market. “It’s a rollercoaster ride, but those who stay vigilant can weather the storm,” advised investment advisor, Ifeoma Eze. As the market continues its fluctuation, stakeholders eagerly await signs of stabilization.