Nigerian Exchange Investors Lose N719bn Amid Banking Decline

On October 29, equities investors on the Nigerian Exchange Limited (NGX) experienced a loss of N718.95 billion as banking stocks faced renewed sell-offs. The market's All-Share Index fell by 1,107.28 basis points, a decline of 0.44%, closing at 252,882.78 points.

Market capitalisation decreased to N164.19 trillion. The downturn was primarily driven by profit-taking in medium- and large-cap stocks, particularly in the banking sector, which saw the largest decline.

FirstHoldco led the losers, dropping 10%, followed by TrippleG at 5.51%. Other notable declines included E-Tranzact, Royal Exchange, and FTG Insurance, each down by 4.76%, while Livestock Feeds lost 4.63%.

Trading activity weakened significantly, with total trading volume and value declining by 92.28% and 93.68%, respectively. Approximately 404.11 million shares valued at N27.91 billion were traded in 39,012 deals.

Despite the overall market decline, 25 stocks gained, with Sovereign Trust Insurance leading at a 10% increase.