Investors lose N671bn as equities tumble

Stock investors recorded a significant loss of N671bn on Tuesday at the Nigerian equity market which had posted a strong start at the beginning of the second half of the year.

The All-Share Index closed at 60,715.04 index points, 1.99 per cent less than the 61,949.24 index points it recorded at the end of the previous trading day.

In a remarkable one-day loss, the market value of shares fell by N671bn, (1.99 per cent), to N33.06tn at the close of trading. This was from N33.731tn recorded in the previous day’s session.

CHIPLC, ETERNA, and CHAMS topped the gainers list, appreciating by 10 per cent, 9.96 per cent and 9.88 per cent, respectively.

LASACO, PZ, and WEMABANK led the losers, going down by -13.86 per cent, -10.00 per cent and –9.98 per cent respectively.

The value of shares exchanged stood at N12.21bn, 13.03 per cent lower than the N14.04bn recorded in the previous day’s session.

In terms of volume, 1.11 billion shares were exchanged, in contrast to 1.20 million traded during the previous session.

FCMB, STERLING and TRANSCORP ranked as the most traded stocks, with 180.75 million, 107.54 million and 105.87 million units of shares traded respectively.

Value-wise, the top three traded shares were ACCESSCORP (N1.34bn), UBA (N1.12bn), and FCMB (N981.47m).

Tuesday’s bearish trend brings to an end a market rally that saw investors record impressive gains to close the first half of the year on a positive note.

The N671bn loss eclipses the N533bn gain recorded on Monday, as investors chose to take profit following an impressive market rally streak.