Investors on the Nigerian Exchange Limited, NGX, lost a combined N2.932 trillion in two trading sessions on Tuesday and Wednesday as the equities market extended its bearish run.
Market data showed that investors shed N1.762 trillion on Wednesday following the N1.17 trillion loss recorded on Tuesday.
Recall that investors lost N1.17 trillion from their portfolios on Tuesday as Wyatt, AVA Capital, International Energy Insurance and International Breweries led the losers’ chart.
Wednesday’s trading saw the equities market extend its bearish trend, with market capitalisation declining by 1.12 per cent to N157.493 trillion from N159.255 trillion recorded on Tuesday.
Similarly, the All-Share Index dropped by 2,756.48 points, or 1.12 per cent, to close at 243,967.09, compared with 246,723.57 recorded in the previous session.
As a result, the market’s year-to-date return moderated to 56.78 per cent.
The decline was driven by losses in stocks including BUA Foods, Unilever, John Holt, AVA Capital and Austinlaz.
Market breadth closed flat, with 28 gainers and 28 losers.
On the gainers’ side, International Energy Insurance led the chart with a 10 per cent increase, closing at N4.40 per share.
Ecobank Transnational Incorporated followed with a 9.93 per cent gain, settling at N6.45 per share, while Trans-Nationwide Express advanced by 9.77 per cent to close at 21k per share.
Further analysis of Wednesday’s trading showed that market activity weakened during the session, with total volume traded declining by 62.78 per cent to 1.46 billion shares, valued at N20.94 billion across 39,085 transactions.
Fortis Global Insurance recorded the highest trading volume at 853.16 million shares, accounting for 58.63 per cent of the day’s total volume.
First Holding Company led in value, with transactions worth N3.90 billion, representing 18.61 per cent of the total value traded.