Investors lose N394bn to sell-offs at stock market

Sell-offs in BUA Cement and Tier-one banking stocks dragged the Nigerian Exchange Limited (NGX) market capitalisation down by N394 billion, a 0.66 per cent decline, on Tuesday, October 29, 2024.

The stock market capitalisation, which opened at N59.812 trillion, closed at N59.418 trillion, following the sell-offs.

The All-Share Index also dropped by 0.66 per cent, shedding 651 points to close at 98,058.07, compared to 98,708.90 on Monday.

This dip also reduced the Year-to-Date (YTD) return to 31.14 per cent.

Market breadth was negative, with 32 losers declining and 26 gainers on the Exchange.

Investors lose N449bn at stock market

On the losers’ table, Cadbury Nigeria led by 9.89 per cent to close at N16.40 per share, while Northern Nigeria Flour Mill (NNFM) led the losers’ table by 10 per cent to close at N37.40 per share.

However, analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 96.08 per cent.

A total of 399.32 million shares valued at N8.93 billion were exchanged in 9,547 deals, compared to 353.18 million shares valued at N4.55 billion transacted in 9,417 deals posted previously.

Meanwhile, UBA led the activity chart in volume and value with 90.41 million shares worth N2.61 billion.

The Star