Heavy Selloffs Wipe Out Over N4 Trillion in Value from Nigerian Stock Market in One Day

• The Nigerian stock market has extended its losing streak on Tuesday after massive selloffs
• At the close of trading, BUA Cement, Dangote Cement, Oando, MTN Nigeria, and Transcorp all plunged
• FBN Holdings topped the activity chart by volume with 68.27 million shares traded, as total market turnover fell by 30.89%

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian stock market fell sharply on Tuesday, November 11, extending losses from the previous session.

Data from NGX showed that at the close of trading, the All-Share Index (ASI) declined by 5.01%. to 141,327.30 points, from 148,781.90 points on Monday.

Also, investors lost about N4.64 trillion in market value as total market capitalisation dropped to N89.88 trillion.

The year-to-date (YTD) return also fell to 37.31%, reflecting weakened investor sentiment.

Market activity on Tuesday

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Out of 63 traded equities, 59 recorded losses, while only four gained.

Overall, total market turnover declined by 30.89% to 364.35 million units, valued at N11.35 billion across 32,564 deals.

Top 5 gainers

• NCR Plc rose by N1.90, from N19.35 to N21.25 per share (+9.82%).
• Berger Paints Plc gained N0.90, from N35.10 to N36.00 per share (+2.56%).
• FCMB Plc appreciated by N0.10, from N10.40 to N10.50 per share (+0.96%).
• AXA Mansard Insurance Plc advanced by N0.03, from N12.07 to N12.10 per share (+0.25%).
• Neimeth International Pharmaceuticals Plc closed flat at N5.65 per share (0.00%).

Top 5 decliners

• Academy Press Plc fell by N0.75, from N7.50 to N6.75 per share (-10.00%).
• MTN Nigeria Plc declined by N47.70, from N477.00 to N429.30 per share (-10.00%).
• BUA Cement Plc dropped by N18.00, from N180.00 to N162.00 per share (-10.00%).
• Deap Capital Management & Trust Plc lost N0.19, from N1.90 to N1.71 per share (-10.00%).
• Oando Plc declined by N4.00, from N40.00 to N36.00 per share (-10.00%).

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Top 5 trades by volume

• First Bank Holdings (FBNH) traded 68.27 million shares, valued at N2.11 billion.
• AccessCorp Plc exchanged 56.28 million shares, worth N1.18 billion.
• Zenith Bank Plc recorded 41.92 million shares, valued at N2.32 billion.
• Fidelity Bank Plc saw 38.48 million shares traded, worth N693.73 million.
• Stanbic IBTC Holdings Plc traded 31.55 million shares, valued at N3.19 billion.

Naira slightly depreciates against dollar

Earlier, Legit.ng reported that the naira depreciated slightly across foreign exchange (FX) markets on Monday, November 11, amid a drop in dollar supply.

New data from the Central Bank of Nigeria (CBN) showed the naira eased by 72 kobo, with the U.S. dollar quoted at N1,437.29 on Monday, compared to N1,436.57 on Friday at the Nigerian Foreign Exchange Market (NFEM).

In the parallel market, traders confirmed that the naira also weakened on Monday from the N1,450 on Friday last week.

Source: Legit.ng