NGX Investors Lose N167bn as Sell-Offs Drag Market Down, While US Stocks Hit Record Highs

Investors at the Nigerian Exchange Limited (NGX) suffered a staggering N167 billion loss on Friday as persistent sell-offs and waning confidence drove the market into a downturn. In contrast, the US stock market recorded historic gains, adding over $1.3 trillion in value.

At the close of trading, NGX’s market capitalisation shrank by 0.25%, tumbling from N66.518 trillion on Thursday to N66.351 trillion. The All-Share Index (ASI) also plunged by 265.81 points, settling at 105,955.13, a steep drop from 106,220.94 in the previous session.

Market sentiment remained in the red, with 24 stocks posting losses, outpacing 22 gainers. Tantalizer led the losers, plummeting 9.85% to N2.93 per share, followed by Jaiz Bank, which sank 9.72% to N3.25. Neimeth International Pharmaceuticals dropped 9.45% to N2.49, while Dangote Sugar dipped 7.76% to N35.05 per share. Lasaco Assurance also slid 5.96% to N2.68 per share.

On the flip side, Royal Exchange led the gainers, surging 10% to close at 88k, while Linkage Assurance climbed 9.57% to N1.26 per share. Guinea Insurance, Nigerian Enamelware, and Red Star Express also posted significant gains, rising 9.52%, 9.05%, and 8.41%, respectively.

US Markets Rally, Adding Over $1.3tn in Value

While the Nigerian market struggled, the US stock market had a historic day, recording its best rally since November. The Dow Jones Industrial Average soared 675 points (1.7%), the S&P 500 jumped 2.1%, and the Nasdaq Composite surged 2.6%, marking their strongest performances in months.

Meanwhile, gold prices topped $3,000 per troy ounce, hitting a new record, while oil prices rebounded, avoiding an eighth consecutive weekly decline.

As global markets shift, analysts warn that NGX’s bearish trend may persist unless investor confidence rebounds.