NGX Value Drops by N2.72trn, Insurance, Industrial Stocks Worst Hit

The Nigerian Exchange NGX experienced a significant drop in value by N2.72 trillion, with insurance and industrial stocks being the most affected. The NGX Insurance Index plummeted during Thursday's trading session, contributing to the overall decline in the All-Share Index (ASI) and market capitalization.

The market saw three consecutive days of losses, with a total of 16 gainers and 45 losers recorded. The Insurance and Industrial Goods Indexes were the worst hit, with companies like Cornerstone Insurance Plc and BUA Cement Plc experiencing significant losses.

On the positive side, the Banking Index saw gains due to increased buy interest in companies like Guaranty Trust Holding Company Plc. Despite a recent increase in corporate investments in the market, analysts have warned about the market's vulnerability to fluctuations in foreign portfolio investments.