August 31, (THEWILL) – Nigeria’s equities market lost N27.9 billion on Wednesday, after hitting a 15-year high on the previous day’s trading.
Market capitalisation dropped to N36.36 trillion from N36.39 trillion on Tuesday. The NGX All-Share Index fell to 66,439.53 against 66,490.34 at the previous day’s trading.
THEWILL had reported that the nation’s bourse attained its highest peak level on Tuesday as the all-share index, which measures the overall performance of equities, climbed 0.5 per cent to 66,490.34 basis points showing the highest peak since March 2008.
Wednesday’s market slump was the first in the week as sell pressures on Transcorp and Zenith Bank caused a 0.1% decline in the benchmark index. Thus, the All-Share Index settled at 66,439.53 points. Consequently, the Month-to-Date and Year-to-Date gains declined to +3.3% and 29.6%, respectively.
The total volume traded increased by 45.8% to 637.19 million units, valued at NGN7.79 billion, and exchanged in 10,033 deals. Transcorp was the most traded stock by volume and value at 292.41 million units and NGN2.15 billion, respectively.
On sectors, the Insurance, Consumer Goods and Industrial Goods indices advanced, while the Banking index declined. Meanwhile, the Oil & Gas index closed flat.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
