Market participants at the Nigerian Exchange Limited (NGX) saw their holdings drop by a total of N2.932 trillion across Tuesday and Wednesday. This decline continues the recent downward momentum in the equities sector.
Wednesday saw a market cap reduction of N1.762 trillion, compounding the N1.17 trillion decrease observed on Tuesday. Consequently, the total market capitalization fell by 1.12 percent to hit N157.493 trillion, down from the N159.255 trillion reported previously.
The All-Share Index also retreated by 1.12 percent, shedding 2,756.48 points to conclude at 243,967.09. This movement brought the year-to-date return to 56.78 percent. The downturn was largely influenced by downward pressure on BUA Foods, Unilever, John Holt, AVA Capital, and Austinlaz.
Trading activity remained neutral regarding market breadth, with an equal count of 28 gainers and 28 losers. International Energy Insurance performed well, rising 10 percent to N4.40 per share, while Ecobank Transnational Incorporated climbed 9.93 percent to reach N6.45.
Overall engagement dropped significantly, as trading volume plummeted by 62.78 percent to 1.46 billion shares worth N20.94 billion. Fortis Global Insurance dominated the volume metrics, while First Holding Company topped the value traded list at N3.90 billion.
