Nigerian Exchange Limited Continues Downtrend, Investors Lose N269 Billion

The Nigerian Exchange Limited (NGX) sustained its downward trend on Tuesday as investors lost N269 billion amidst subdued trading activities.

This decline represents the third consecutive session of losses for the exchange.

The All-Share Index (ASI) depreciated by 0.48 percent to settle at 98,228.50 points while the market capitalization declined to N55.55 trillion.

Market participants experienced a decline in wealth as the total deals decreased by 9.45 percent to 9,620, and the value of trade reduced by 6.76 percent to N8.35 billion.

Despite the overall decline, the traded volume saw a slight increase of 0.93 percent to 425.66 million units.

The NGX recorded a mixed performance with 15 gainers and 28 losers at the close of trading. FBN Holdings, Unity Bank, and Champion Breweries were among the leading decliners and contributed to the downward trajectory of the market.

Sectoral performance leaned towards the bearish side, with the banking, insurance, and consumer goods sectors declining by 3.11 percent, 1.48 percent, and 0.66 percent, respectively.

Meanwhile, the oil/gas and industrial goods indices remained unchanged.

In terms of gainers, JapaulGold, May & Baker, and Presco closed in the green appreciating by 10 percent each.

United Bank for Africa (UBA) took the spotlight as the most traded security both in terms of volume and value, with 102.23 million units worth N2.68 billion transacted in 952 trades.

The heightened trading activity surrounding UBA followed the recent release of its annual report, which revealed a remarkable 110 per cent growth in gross earnings for the first quarter of 2024.

As the NGX continues to grapple with downward pressure, market observers remain vigilant, closely monitoring unfolding developments and their potential impact on investor sentiment and market dynamics.