Nigeria Stock Exchange: N600 billion wiped out in 3 days

Nigeria’s stock market lost a cumulative N595 billion in three days as investor confidence reached an all time low. And there is no respite in sight as the bears appear to have taken over the market.

Analysts even warned investors with long term view to take cautious buying steps.

The greatest loss was recorded today with market capitalisation depreciating by N273 billion or 2.78 per cent to close lower at N9.561 trillion from the N9.834 trillion posted on Tuesday.

Similarly, the All-Share Index dropped 827.92 points or 2.78 per cent to close at 28,961.67 as against the 29,789.59 achieved on Tuesday. ASI year-to-year loss was about 31 per cent as at today.

Seplat led the losers’ chart by N14.01 to close at N266.24 per share. Nestle depreciated by N12.39 to close at N770.6k and Forte Oil dipped by N10.80 to close at N205.33 per share.

Total Oil trailed with a loss of N7.89 to close at N150.11, while Mobil Oil dipped by N7.55 to close at N143.50 per share.

Conversely, 7UP recorded the highest price gain of N7.70 to close at N166.70 per share.

It was followed by Betaglas by N1.26 to close at N26.46 per share.

The cheering news was that the volume of transactions increased by 84.58 per cent over the 261.054 million shares worth N3.29 billion traded in 4,108 deals on Tuesday.

GTBank emerged the most traded stock, accounting for 110.19 million shares valued at N2.25 billion in 364 deals.

Custodyins came second by 58.32 million shares worth N218.39 million in 105 deals, while Continsure sold 35.25 million shares valued N29.26 million in 16 deals.