NGX: Equity markets plunge sharply as investors lose N1.1 trillion

Investors in the Nigerian equity market lost N1.1 trillion at the close of trading on Friday.

This follows the decline in stock prices of stocks such as ETERNA, DANGOTE CEMENT, and DAAR COMMUNICATION among others on the trading floor today.

After five hours of trading in the capital market, equity capitalization plunged to N55.6 trillion from N56.7 trillion posted by the exchange on Thursday.

The All Share Index (ASI) also fell to 98,201.49 from 100,156.96 recorded the previous day.

Market breadth was negative as 17 stocks rose and 23 stocks fell, while 72 stocks remained unchanged in 9,098 trades.

OANDO, FCMB and WAPIC led other gainers with share price growth of 10%, 8.22% and 7.50% respectively to close at N20.35, N7.90 and N0.86 from N18.50, N7.90 and N0.86 per share previously.

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On the other hand, ETERNA, DANGOTE CEMENT and DAAR COMMUNICATION led other price decliners as they fell by 10%, 9.99% and 9.62% respectively to close at N16.20, N591.10 and N0.47 from opening prices of N18.00, N656.70 and N0.52 per share.

On the volume index, FCMB led the trade with 495 million shares worth N3.76 billion in 136 deals followed by ABBEYBDS which traded N234 million shares worth N610 million in 564 deals.

OANDO traded 73 million shares worth N1.47 billion in 651 transactions.

On the value index, TRANSPOWER recorded the highest value for daily traded shares worth N10.3 billion in 468 transactions followed by FCMB which traded equities worth N3.76 billion in 136 transactions.

OANDO traded shares worth N1.47 billion in 651 transactions.

By: Babajide Okeowo

NGX: Equity markets plunge badly as investors lose N1.1 trillion first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.