On Friday, the Nigerian Stock Exchange (NGX) plunged, which led to the loss of N37 billion in the domestic equity market by investors. This loss was primarily attributed to the selling off of Tier One banking equities.
The market cap opened at N56.615 trillion but lost N37 billion, representing 0.07%, and closed at N56.578 trillion. Likewise, the All- Share Index (ASI) reduced its value by 0.07% or 65 points to close the bell at 98,458.68 points against 98,523.56 points recorded earlier in the day.
However, the 31.68% year-to-date returns registered a decline. The juxtaposed pressure of enormous selling found in poorly structured banking sectors including Zenith Bank and FBN Holdings, and FCMB Group and International Breweries and Unilever diminished the market further.
Market breadth witnessed a negative closure with 26 losers and 21 gainers. Caverton was at the head of the losers having fallen by 9.76% to N2.68 per share, while Northern Nigeria Flour Mills was next losing 9.50% to sell at N31.90 per share.
On the other hand, Beta Glas emerged the leader in the gainers chart after appreciating by 10% to N48.96 share, followed by Meyer Plc with a 9.93% increase to N7.75 per share.
Trade turnover increased in relation to the previous session as the rise in transactions increased by 0.72%. A total of 797.21 million shares valued at N6.66 billion exchanged hands in 7,764 transactions.
Japaul Gold topped both volume and value activity charts, with 591.19 million shares worth N1.47 billion.
This decline highlights the already ongoing fluctuations within the Nigerian equity markets and reiterates the importance of investors to exercise caution and diversify their portfolio.