Nigerian Stock Market Declines by 265 Points, N137 Billion Lost

On August 24, 2023, Nigeria's stock market closed down by 265.99 points, settling at 239,085.17 points, a decrease from 239,351.16 points. This decline resulted in a loss of N137 billion, reducing total market capitalization to N154.397 trillion from N154.534 trillion.

The drop was attributed to investors cashing out of equities and reallocating funds into fixed-income instruments. The banking index recorded the steepest decline at 0.63%, followed by the insurance index at 0.53%.

Notable individual stock losses included Fidelity Bank, which fell by 6.00% to N18.80, and Guinea Insurance, which declined by 5.19% to N0.73. Conversely, some stocks performed well, with top performers including a stock that rose by 9.86% to N16.15.

Trading volume increased to 668.7 million shares valued at N23.8 billion, despite a 33.15% drop in the total value of transactions.