Nigerian Equities Market Declines by ₦286 Billion Amidst Stock…

The Nigerian equities market downturn resulted in a ₦286 billion loss for investors due to falling share prices of companies like ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE. The equity capitalization dropped to ₦66.4 trillion, with the All-Share Index declining to 106,164.64 points. Notably, certain stocks exhibited gains despite the overall downturn, while trading volumes remained active among leading banks.

The Nigerian equities market experienced a downturn on Tuesday, leading to a substantial loss of ₦286 billion for investors by the end of trading. This decline was attributed to decreases in share prices of notable stocks, including ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE. By the close of the day, the capital market’s equity capitalization fell to ₦66.4 trillion, down from ₦66.7 trillion on Monday.

The benchmark All-Share Index (ASI) reflected this bearish trend, declining from 106,621.91 points to 106,164.64 points. While the market breadth showed some positivity with 23 stocks advancing, 29 experienced declines, and 71 stocks remained unchanged amidst 12,466 transactions. Top gainers included LIVESTOCK, CORNERST, and INTENEGINS, which saw growth rates of 9.93%, 9.25%, and 8.99%, respectively.

In contrast, ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE were among the major losers, with their share prices decreasing by 7.98%, 7.46%, and 7.35%. The closing prices for these stocks were N1.50, N0.62, and N0.63, respectively. On the trading volume index, FIDELITY BANK led with 29 million shares traded, followed closely by ACCESS CORP and GTCO, each trading 28 million shares.

Regarding the value index, GTCO recorded substantial activity, with stocks worth N1.6 billion traded, followed by ZENITH BANK with N1 billion, and ACCESS CORP with N680 million in shares traded. These figures illustrate significant trading dynamics within the market amidst the fluctuations in share prices.

In summary, the Nigerian equities market declined sharply, resulting in a ₦286 billion loss for investors, primarily due to falls in share prices among key players. While some stocks saw gains, the overall market sentiment shifted negatively as the capital market’s equity capitalization and benchmark index dropped. Enhanced trading activities were observed in leading banks, indicating ongoing investor engagement despite the market downturn.

Original Source: www.ripplesnigeria.com