Due to profit-taking activity that persisted in the Nigerian stock market yesterday, investors lost N2.05 trillion in three days on the NGX.
The total amount of equities listed on the Nigerian Exchange (NGX), or market capitalization, fell from N64.302 trillion on Monday to N64.256 trillion on Wednesday.
Similarly, another measure of the stock market, the NGX All Share Index, or ASI, started Monday at 105,451.06 points and closed Wednesday at 102,095.95 points, a 3.2% decline.
As the market capitalization closed at N62.256 trillion from N63,187 trillion the day before, investors lost over N931 billion, according to trading in the market yesterday. The market also fell 1.5% as the NGX ASI dropped to 102,095,95 points from 103,622.09 points the day before.
The ASI was largely weighed down by sell pressure on Dangote Cement, which saw a 10.0% fall. The Year-to-Date return thus settled at -0.8%.
Activities also revealed that the total volume traded decreased by 14.3% to 431.30 million units, worth N9.26 billion, with 11,908 transactions. at 70.31 million units, Universal Insurance was the most traded stock by volume, and BUA Foods was the most traded stock by value, at N2.52 billion.
Sectoral performance was varied, with the Banking Index closing flat, the Consumer Goods Index rising 1.0%, the Oil & Gas Index 0.2%, and the Industrial Goods Index falling 4.7% and the Insurance Index 3.5%.