- Nigerian stocks have slipped to the lowest levels since January this year.
- The Nigeria Exchange (NGX) recorded a second consecutive decline as the All-Share Index decreased by 0.77%.
- From 97,708.74 points the previous day, ASI dropped to 97,473.98 points.
- Dangote Sugar and PZ Cussons emerged as the top losers, each plummeting by 10% over the past day.
Nigerian stocks have dropped to the lowest levels since January this year, according to a Nariametrics report. The All-Share Index (ASI) slipped by 0.77% to hit 97,473.98 points from 97,708.74 points.
The drop marked the lowest level for the index since January 22.
ALSO READ:Elon Musk Updates X Platform With New Grok AI
Notably, the ASI hovered above the 98,000-point threshold in February, recording a 39.84% return at the end of Q1.
However, the recent CBN’s recapitalization of banks triggered a change in the ASI. Banking stocks have witnessed massive sell-offs, losing more than 18% in the present quarter.
Also, the spike in interest rates for fixed-income securities impacted interest in equities.
Details of the Market Trend Over the Past Day
Shares of Dangote Sugar and PZ accounted for a staggering 10% loss in the market for the day. Their shares slipped to N40.50 and N22.50 respectively, shedding a total of N64.6 billion in their market valuation.
Surprisingly, the market cap of Dangote Sugar plummeted to N491.9 billion from yesterday’s N546.6 billion. Similarly, PZ Cusson’s market cap moved from N99.3 billion as of yesterday to N89.3 billion today.
Further, the overall market breadth reflected a positive margin with 22 gainers against 20 losers.
However, the volume of shares trades decreased by 30.2% to hit 306.6 million from yesterday’s 439.1 million. Also, the number of deals dropped from 8,607 to 7,951.
Here’s a summary of the Market Indices
- NGX All-Shares Index (ASI): 97,473.98 points
- Previous ASI: 97,708.74 points
- Percentage Day Change: – 0.77%
- Day’s Highest: 98.255.72 points
- Day’s Lowest: 97,473.98 points
- Cumulative Market Cap: N55.13 trillion
- Percentage YTD: +30.36%
- Traded Volume: 306.6 million units
- Traded Value: N5.813 billion
- Deals: 7,951
