Investors lose N73bn as Nigerian stock market slumps into Democracy Day holiday

Investors lost N73 billion after Thursday’s trading on the Nigerian Stock Market to end the week on a bearish note as the nation marks Democracy Day. 

Data from NGX showed that the market capitalisation declined by 0.05 per cent, closing at N156.969 trillion, down from N157.042 trillion recorded in the previous session.

The All-Share Index also shed 133.47 points, or 0.05 per cent, closing at 244,738.74 compared with 244,852.21 previously.

The market’s year-to-date return weakened to 57.27 per cent, while market breadth closed flat with 32 gainers and 32 losers.

On the losers’ chart, International Energy Insurance led, dropping 10 per cent to close at N7.11 per share. May and Baker, Triple Gee, Abbey Mortgage Bank, and AXA Mansard all recorded a decline. 

Meanwhile, on the flip side, Enamelware, Learn Africa, Consolidated Hallmark and University Press each advanced by 10 per cent.

Further analysis showed that a total of 1.70 billion shares worth N52.81 billion were traded in 49,807 deals. This compares with 1.23 billion shares valued at N38.84 billion exchanged in 54,193 transactions during the previous session. FCMB led the volume chart with 584.87 million shares traded, representing 33.99 per cent of total market volume.

Access Corporation topped the value chart with transactions worth N13.95 billion, accounting for 26.41 per cent of the total market value traded.