Nigerian Stock Market Witnesses N241.8 Billion Loss As Caverton, Access, Oando among Top Losers

Oando Leads Losses As Nigerian Market Loses N518.08 Billion

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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.

Similarly, 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.

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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.

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Investors will be closely monitoring market developments in the coming days as the Nigerian capital market navigates through this challenging period of volatility.



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