• Saturday, April 13, 2024
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BusinessDay

Stocks market loses N231billion as equities crash

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 The Nigerian stock market lost about N231billion from its capitalisation as equities, particularly blue-chips crashed at the end of yesterday trading.

The value of equities on the Nigerian bourse evidenced in the market cap dropped to N10.910trillion against the preceding day’s N11.141trillion.

Another benchmark indicator –the Nigerian Stock Exchange (NSE) All Share Index (ASI) was down by 2.07 percent to 34,089.01 from the preceding trading day’s level of 34, 810.25 points. This unimpressive outing yesterday came even as equity dealers in 6,910 deals exchanged 408,195,904 shares valued at N4.593billion.

This dismal performance is contrary to analysts’ view that the market will further trend northwards this week as more companies, particularly those in financial services subsector release their earnings scorecards.

“Market price volatility gained tempo as short-termist resumes speculative trading while today’s (Tuesday) outlook confirms the sustained presence of the bears noted in our previous report. However, while we expect price volatility to moderate in no time; we further implore investors to stick to value trading during the bumpy sessions,” said Proshare analysts.

 

IHEANYI NWACHUKWU