Investors Lose N440bn As NGX Reopens For Physical Trading Activities
Bearish sentiment drove the domestic stocks market yesterday with a loss of N440 billion.
The All Share Index (ASI) decreased by 807.83 absolute points, representing a dip of 1.82 per cent to close at 43,461.60 points. Similarly, the market capitalisation lost N440 billion to close at N23.672 trillion.
This is as the Nigerian Exchange Limited reopened its trading floor alongside the 30th anniversary of the Chartered Institute of Stockbrokers (CIS), signalling a shift to norm after the COVID-19 pandemic forced adoption of full remote trading.
The chairman of NGX, Abubakar Mahmoud, congratulated CIS for its contributions to the capital market and thanked stockbrokers for their commitment to the market and cooperation with the Exchange during the remote trading period.
He attributed the success of trading with zero downtime for 32 months to the investments of NGX in technology and the resilience of brokers.
The chairman, NGX Group, Alhaji Umar Kwairanga, noted that, it was to the credit of NGX, NGX Regulation, Central Securities Clearing System (CSCS), NGX Group and the stockbroking community that trading flowed seamlessly during the forced closure period.
Also, the chief executive officer, NGX, Mr Temi Popoola said: “NGX will continue to support the initiatives of the institute and cooperate for the further advancement of the capital market.”
Meanwhile, the downturn recorded on the equities trading yesterday was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Guinness Nigeria, MTN Nigeria Communications (MTNN), Custodian Investment and Stanbic IBTC Holdings.
On market outlook, GTI Securities Limited said: “we expect mixed sentiments to continue during week, as pre-election risks amplify.”