Nigeria’s equities market continues to experience a negative trend, with more investors opting to sell their holdings to secure profits after recent record gains. The increased sell pressure is expected to persist, particularly after the FTSE demotion, which has subdued investor sentiment in Nigerian stocks.
As of Tuesday, September 12, investors in Nigeria’s equities market have incurred losses amounting to N293 billion. The market registered another session of negative closure, dropping by 0.80%. Stocks such as Etranzact, NASCON, and Dangote Sugar Refinery were among those being sold off.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalization have decreased from the previous day’s highs of 67,296.18 points and N36.831 trillion respectively to 66,760.2 points and N36.538 trillion.
The market’s year-to-date return has decreased to +30.26% as the bearish sentiment continues to push share prices lower.
Etranzact, for instance, fell from its previous day’s high of N9 to N8.10, marking a loss of 90 kobo or 10%. NASCON also saw a drop from N52.20 to N47, resulting in a loss of N5.20 or 9.96%. Similarly, Dangote Sugar’s value fell from N57.75 to N52, representing a decrease of N5.75 or 9.96%.
Transcorp, UBA, Access Corporation, Fidelity Bank, and GTCO were the most traded stocks, with investors exchanging 645,540,839 shares valued at N11.014 billion in 10,554 deals.