N544bn Wiped Off Nigerian Exchange
The Nigerian Exchange experienced a significant downturn on Tuesday, with market capitalization dropping by N544 billion. Widespread declines were observed across major sectors, including banking, consumer goods, and oil and gas.
Why it matters
The contraction reflects broader economic instability and investor caution within the Nigerian financial market.
Trading on the Nigerian Exchange Limited ended on Tuesday with a bearish performance as key market indicators extended their downward trend. Equity market capitalisation contracted to N155.97tn from N156.52tn recorded in the previous trading session on Monday. The All-Share Index dropped by 843.42 points to close at 241,611.23 compared to 242,454.65 registered on Monday, reflecting sustained selling pressure across major market sectors. A breakdown of index movements reveals widespread declines. The NGX Main-Board Index slipped to 10,892.14 points, while the NGX 30 Index fell to 8,859.78 points. The NGX Premium Index dropped from 28,662.38 to 28,487.84 points, driven by losses in major financial stocks. The NGX Banking Index recorded a notable dip, sliding to 2,490.17 points from 2,536.29 points, while the NGX Consumer Goods Index and NGX Oil/Gas Index closed lower at 4,049.97 and 5,201.49 points, respectively.
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