Investors lose N48bn as NGX records three days of negative closes

The record sell pressure trailing Nigeria’s Bourse since this week, particularly banking, insurance and consumer goods stocks, spurred a decrease in investors’ wealth in shares by about N48billion.

Amid three consecutive days of dismal closes, the negative return seen this week increased to -0.24percent, fueled by 0.06 percent decline at the close of trading on Wednesday, while this year the market has dipped by -5.06percent.

The Nigerian Exchange (NGX) Limited All Share Index (ASI) and market capitalisation had opened this week at 38,324.07 points and N19.975 trillion but at the close of trading session on Wednesday, both indicators stood at 38,233.68 points and N19.928trillion.

Lagos- based United Capital research analysts had anticipated muted market activity on Wednesday, saying that investors will continue to sit on the sidelines and await the results of the CBN’S scheduled primary market auction (PMA).

Except industrial (+0.09percent), and Oil & Gas (+0.21percent percent), all other NGX sectoral indices are in red week-to-date (WTD).

Others are: NSE Banking (- 1.58percent), Consumer Goods (- 0.74percent ) , and Ins u rance i ndex (-1.21percent).

At the close of trading session on Wednesday, investors in 3,594 deals exchanged 203,088,314 units valued at N1.815billion. Market watchers anticipate further mixed activity on Thursday with a somewhat positive tilt as investors continue to monitor the economy and the markets.