The Nigerian Exchange (NGX) Limited suffered its first heaviest single day loss in a while after it closed lower by 5.01 per cent on Tuesday.
This was triggered by panic selling by investors, who are swayed by threats by the United States President, Mr Donald Trump, to carry out a military action in Nigeria over the killing of Christians by terrorists.
Since he posted about this some days ago, the markets in Nigeria have been unstable, with traders taking precautionary measures.
Customs Street was in red yesterday, with all the major segments of the bourse encountering heavy losses.
The industrial goods counter shed 8.55 per cent, the banking space lost 7.27 per cent, the energy index declined by 4.65 per cent, the insurance industry slipped by 4.33 per cent, the consumer goods sector shrank by 2.20 per cent, and the commodity space drowned by 2.07 per cent.
As a result, the All-Share Index (ASI) significantly decreased by 7,454.60 points to 141,327.3 points from 148,781.90 points and the market capitalisation fell by N4.641 trillion to N89.885 trillion from N94.526 trillion.
Business Post observed that only four stocks ended on the gainers’ table during the session, with NCR Nigeria up by 9.82 per cent to N21.25, Berger Paints gained 2.56 per cent to close at N36.00, FCMB appreciate by 0.96 per cent to N10.50, and AXA Mansard jumped 0.25 per cent to N12.10.
However, 61 stocks finished on the losers’ table led by the quintet of Academy Press, MTN Nigeria, BUA Cement, Deap Capital, and Oando, which crashed by 10.00 per cent each to sell for N6.75, N429.30, N162.00, N1.71, and N36.00, respectively.
Yesterday, market participants bought and sold 656.0 million shares for N29.4 billion in 29,558 deals versus the 364.4 million shares worth N11.4 billion transacted in 32,564 deals a day earlier, showing a decline in the number of deals by 9.23 per cent and a surge in the trading volume and value by 80.02 per cent and 157.90 per cent apiece.
First Holdco was the busiest equity for the session, trading 68.3 million units worth N2.1 billion, Access Holdings traded 56.3 million units valued at N1.2 billion, Zenith Bank exchanged 41.9 million units for N2.3 billion, Fidelity Bank sold 38.5 million units valued at N693.7 million, and Stanbic IBTC transacted 31.6 million units worth N3.2 billion.