Investors lose N215bn as equity market slumps

Investors at the Nigerian Exchange Limited lost N215bn at the close of trading on Tuesday as the equities market extended its losing streak.

The market capitalisation declined to N67.2tn, while the benchmark All-Share Index shed 345.19 points, representing a 0.32 per cent drop to close at 107,781.78.

The downturn was driven by sell-offs in key stocks, with Honeywell Flour Mill leading the losers’ chart after shedding 10 per cent to close at N11.25 per share. It was followed by Morison Industries, which dropped by 9.97 per cent to N3.25; University Press, which fell by 9.9 per cent to N4.55; and International Energy Insurance, which declined by 9.75 per cent to N2.13.

Trading activity showed a total of 363.01m shares exchanged hands in 13,753 deals, amounting to a turnover of N10.12bn. This reflected a one per cent increase in volume and a 10 per cent rise in turnover compared to the previous session. However, the number of deals declined by 14 per cent.

Despite the losses, Smart Products Nigeria led the gainers with a 10 per cent increase to close at N0.33 per share, followed by Nigerian Exchange Group, which rose by 9.97 per cent to N32, Red Star Express, which gained 9.57 per cent to N7.33, and Associated Bus Company, which appreciated by 8.13 per cent to N1.33.

Among the most actively traded stocks, Access Holdings recorded the highest volume with 36.8m shares, followed by Jaiz Bank with 23m, Zenith Bank with 18.4m, and AXA Mansard Insurance with 17m.

Market performance across key indices showed a general decline, with the Top 30 Index dropping by 0.24 per cent, the Premium Index losing 0.13 per cent, and the Pension Index shedding 0.35 per cent. However, the market still maintained a 4.72 per cent year-to-date gain.

On Monday, the Nigerian Stock Exchange opened the week on a down note as investors faced an overall loss of N231bn. The market capitalisation and the All-Share Index dipped by 0.34 per cent, to close at 108,126.97 and N67.4tn.

Last week, the All-Share Index and Market Capitalisation appreciated by 0.41 per cent and 0.29 per cent to close the week at 108,497.40 and N67.614tn, respectively.