Economy and Business

Investors lose N67 Billion as Nigerian Exchange plunges into Red Zone

In another turbulent session for the Nigerian Exchange, equity investors faced further losses on Thursday, with the market plunging back into the red zone.

The downturn, which saw losses totaling N67 billion, was predominantly driven by widespread sell-offs across key sectors such as banking, insurance, and consumer goods.

The All-Share Index concluded the trading day with a 0.12 percent decline, settling at 101,239.10 index points, while market capitalization closed lower at N55.40 trillion. Despite a brief period of respite earlier in the week, the market struggled to maintain any positive momentum.

Year-to-date returns moderated to 35.39 percent, underscoring the volatile nature of recent trading sessions. Trading activities remained subdued, marked by a 16.43 percent decrease in traded volume, totaling 252.9 million units.

Similarly, total traded value witnessed a decline of 24.54 percent to N4.94 billion, accompanied by a 15.83 percent dip in total deals to 7,248.

Market breadth leaned towards negativity, with 22 gainers overshadowed by 28 losers.

Among the decliners were prominent companies like Daar Communications, Wema Bank, and PZ Cussons, whose combined losses contributed significantly to the bearish sentiment prevailing in the banking, insurance, and consumer goods sectors.

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