Investors in the Nigerian Exchange Limited (NGX) lost about N3.8 trillion in market value over four trading sessions as the equities market extended its bearish run and closed the week on a negative note.
Data from the NGX showed that the market suffered heavy losses between Tuesday and Friday, with market capitalization declining by N2.932 trillion on Tuesday and Wednesday combined, followed by further losses of N613 billion on Thursday and N257 billion on Friday.
The latest decline came despite the recent engagement between the NGX Group management and President Bola Ahmed Tinubu, where the President praised reforms in the capital market and expressed support for the proposed listing of the Nigerian National Petroleum Company Limited (NNPCL) on the Nigerian stock market.
Trading on Friday remained bearish, with the market capitalization declining by 0.16 per cent to N156.623 trillion from N156.880 trillion recorded at the previous close.
The NGX All-Share Index (ASI) also fell by 398.18 points, representing a 0.16 per cent decline, to close at 242,619.20 points, compared with 243,017.38 points on Thursday.
The decline was largely driven by sell-offs across several stocks, including Fortis Global Insurance, Omatek Ventures, John Holt, RT Briscoe and Dangote Sugar.
Fortis Global Insurance emerged as the biggest loser of the session, falling by 9.31 per cent.
In contrast, International Energy Insurance led the gainers’ chart, appreciating by 9.92 per cent to close at N5.32 per share. Market activity also weakened considerably during Friday’s session.
Total trading volume fell by 66.64 per cent to 1.41 billion shares, while the value of transactions stood at N45.31 billion across 39,134 deals.
Fortis Global Insurance dominated trading volume, with 874.08 million shares changing hands. The figure represented 61.83 per cent of the total volume traded during the session.
On the value side, MTN Nigeria led market activity with transactions worth N31.37 billion, accounting for 69.24 per cent of the total value traded.
The latest market decline follows the August 6 visit by the Board and Management of the Nigerian Exchange Group to President Tinubu.
The delegation was led by NGX Chairman, Dr Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola.
During the meeting, President Tinubu commended the reforms undertaken by the Nigerian Exchange and reiterated his administration’s commitment to strengthening Nigeria’s capital market.
The President also disclosed that the NNPCL would be listed on the Nigerian stock market, a development expected to deepen the market and provide investors with exposure to one of Nigeria’s most strategic companies.
Despite the positive policy signals, the NGX has remained under selling pressure, with investors booking losses across several equities.
The four-session decline underscores the fragile sentiment currently prevailing in the Nigerian equities market as investors reassess their positions amid changing market conditions.alling to N156.62 trillion.
