Nigerian Stocks Lose N324bn as 40 Firms Drag Market Down

|By Adejumo Adekunle

The Nigerian Exchange (NGX) shed N324 billion on Wednesday as heavy selloffs in 40 companies dragged the market into negative territory for the first time this week.

Market capitalisation fell by 0.36 percent, closing at N89.372 trillion, compared to N89.696 trillion on Tuesday. The All-Share Index also slipped by 512.60 points, settling at 141,248.76 from the previous 141,761.36.

The slump was fueled by steep declines in Cornerstone Insurance, RT Briscoe, ABC Transport, NGX Group, and Mutual Benefits, which topped the losers’ chart. Market breadth closed negative, with 40 losers outweighing 17 gainers.

On the flip side, Deap Capital Management and Legend Internet rebounded from earlier losses to lead the day’s gainers.

Despite the bearish close, trading volume and value surged. Investors exchanged 682.9 million shares worth N22.2 billion across 28,695 deals, up from 605.02 million shares valued at N12.89 billion in 28,845 deals recorded on Tuesday.

FCMB Group dominated activity for the third consecutive session, leading in volume with 108.5 million shares worth N1.19 billion.