Bearish trading wipes N1.34tn off Nigeria’s equity market

File: Nigerian Exchange trading floor

The Nigerian Exchange recorded a downward trend on Thursday as equity market capitalisation dropped to N161.05tn from N162.39tn recorded on Wednesday, indicating a decline of N1.34tn.

 The All-Share Index fell by 2,054.25 points to close at 248,042.50, down from Wednesday’s value of 250,096.75. Over the course of the trading week, the index hit its highest point of 250,808.27 on Friday, October 2, before steadily declining to its lowest point of 248,042.50 by Thursday’s close, while the Central Bank of Nigeria monetary policy rate stood at 23.00 per cent.

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 Across the major equity indices, broad losses were reported as selling pressure affected key market sectors. The NGX Main-Board Index slipped from 10,851.32 to 10,763.46, while the NGX 30 Index fell from 9,203.79 to 9,124.73. The NGX Premium Index lost ground to close at 31,242.54 compared to 31,511.96 in the previous session.

 Financial sector indices also reflected declines, with the NGX Banking Index dipping to 2,639.74 and the NGX Insurance Index easing to 1,088.85. The NGX Pension Index decreased to 13,017.42, while the NGX Oil/Gas Index recorded a sharp decline from 6,237.88 to 5,996.24.

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