Investors in the Nigerian Exchange faced another challenging day as their collective wealth plummeted by approximately ₦165 billion for the second consecutive day this week, News About Nigeria reports.
Weak market sentiment persisted, leading to a 0.44% drop in market performance indicators, contributing to a moderation in the year-to-date return of the Exchange.
Atlass Portfolios Limited attributed the market’s negative performance to profit-taking activities in recently appreciated stocks.
The intraday sessions initially showed promise, with banking stocks and the latest debutant, MeCure Industries Plc, driving a midday rally.
However, this upward trend was later reversed, resulting in a year-to-date return settling at a moderate 38.61%.
Over the course of the two-day losing streak, equities investors experienced a substantial decline in wealth, totalling around ₦297 billion, according to stockbrokers at Atlass Portfolios Limited.
The Nigerian Exchange All-Share Index witnessed a decline of 312.76 basis points, marking a 0.44% decrease and closing at 71,041.05 points.
The bearish trading pattern impacted overall market activities, with both total volume and total value traded experiencing declines of -28.40% and -5.48%, respectively.
Approximately 534.62 million units, valued at ₦5,619.50 million, were transacted across 8,136 deals.
ACCESSCORP claimed the spotlight as the most traded stock by volume, constituting 10.76% of the total volume of trades. Other notable stocks in the volume chart included TRANSCORP (9.56%), UBA (7.47%), UNITYBNK (6.42%), and VERITASKAP (5.90%), completing the top 5.
These consecutive days of losses highlight the challenges faced by investors in navigating the current market conditions, with most making losses on their investments.
The fluctuations underscore the importance of a vigilant and strategic approach amid the evolving dynamics of the equities landscape.
