Investors in the Nigerian stock market have lost approximately N4.5 trillion in six consecutive trading sessions.
The prolonged bearish run saw investors lose N3.8 trillion in four trading sessions last week, followed by additional losses of N106 billion and N544 billion on Monday and Tuesday this week, respectively.
DAILY POST reports that the NGX Group management, led by its Chairman, Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola, visited President Tinubu at the Presidential Villa on August 6.
Since the visit, the equities market has recorded six consecutive sessions of losses, with the combined decline now standing at N4.45 trillion, or approximately N4.5 trillion.
The market began the current week on a bearish note, with investors losing N106 billion on Monday. The sell-off persisted on Tuesday, as another N544 billion was wiped off market capitalisation.
Tuesday’s market performance
Trading data showed that market capitalisation declined from N156.517 trillion to N155.973 trillion on Tuesday, representing a 0.35 per cent decline at the close of trading.
The All-Share Index (ASI) also fell by 0.35 per cent, shedding 843.42 points to close at 242,454.65 points, compared with 243,298.07 points in the previous session.
The market’s year-to-date return moderated to 55.26 per cent.
Market breadth also closed negative, with 37 stocks recording losses against 22 gainers.
The downturn was driven largely by increased sell-offs, with Red Star Express leading the losers’ chart, followed by Trans-Nationwide Express, Meyer, Chellaram and Fortis Global Insurance, among other stocks.
Despite the bearish session, Haldane McCall led the gainers’ chart, rising 9.97 per cent to close at N3.20. Veritas Kapital Assurance followed with a 7.09 per cent gain to N1.36, while Tantalizer appreciated by 5.26 per cent to close at N4 per share.
Further analysis showed that Sterling Nigeria recorded the highest trading volume, with 51.57 million shares, representing 12 per cent of the total volume traded on Tuesday.
MTN Nigeria dominated trading by value, accounting for N9.76 billion, or 35.50 per cent of the total value of transactions recorded during the session.
The continued sell-off comes amid heightened pressure in the equities market, with investors’ cumulative losses over six consecutive trading sessions now approaching N4.5 trillion.
NGX: Investors lose N4.5tn in six consecutive sessions after management’s visit to Tinubu