Nigerian investors lose N553b in four days

Investors in Nigerian equities lost N553 billion in four days, market report showed yesterday.

The successive declines were triggered by massive profit-taking deals and a rush to safety in the fixed-income market.

All the indices at the Nigerian stock market yesterday closed lower, capping a four-day session of market-wide selloff. The pressure almost entered panic mode with two losses in every three deals.

The aggregate market value of all quoted equities at the Nigerian Exchange (NGX) closed yesterday at N22.045 trillion, 2.45 per cent or N553 billion below this week’s opening value of N22.598 trillion.

READ ALSO:

• Police arrest 13 as thugs attack Barau’s campaign office in Kano
• Orji Kalu, Umahi ‘in desperate move to return to PDP’ ― Nkole
• Hunters, others comb Osun bushes as herdsmen abduct couple on farm

The benchmark weighted index, the All Share Index (ASI)- a common value-based index that tracks all share prices at the NGX, also declined by 2.45 per cent or 1,060.31 points to close yesterday at 42,247.98 points compared with the week’s opening index of 43,308.29 points.

The concurrence between the face-value market capitalisation and the weighted benchmark index implies that the depreciation was due to decline in share prices rather than changes in volume of shares due occurrences such as delisting, consolidation of shares and redenomination among others.

The Nation