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Investors lose N622 billion as market reopens bearish

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Heavy losses suffered by many blue-chip companies, especially Airtel Africa and Seplat dragged market capitalisation of the Nigerian Exchange Limited (NGX) by N662 billion yesterday. Specifically, market capitalisation of listed equities declined by 2.08 per cent to N29.281 trillion from N29.903 trillion reported on Friday. Also, the All Share Index also dropped by 1141.76 basis points to 53750.77 points from 54892.53 traded the previous day.

Heavy losses suffered by many blue-chip companies, especially Airtel Africa and Seplat dragged market capitalisation of the Nigerian Exchange Limited by N662 billion yesterday.Heavy losses suffered by many blue-chip companies, especially Airtel Africa and Seplat dragged market capitalisation of the Nigerian Exchange Limited by N662 billion yesterday.

Analysts at United Capital Plc said, “We expect risk-on sentiments to be sustained in the equities markets even as the depressed interest rate environment will continue to favour the local bourse in line with our expectations for Q1, 2023. FTN Cocoa lost 3.70 kobo to close at 26 kobo. Regency Insurance dropped 3.33 per cent to close at 29 kobo. Jaiz Bank declined by 3.30 kobo to close at 88 kobo. PZ Cussons depreciated by 3.26 per cent to close at N10.40 kobo. Mutual Benefit Assurance lost 3.03 to close at 32 kobo.

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