• About Us
  • Contact Us
  • Privacy & Policy
Thursday, October 9, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Nigerian Stock Market Plummets by N539 Billion

Vincent Amadi by Vincent Amadi
October 7, 2024
in Economy
Reading Time: 4 mins read
A A
0
Nigerian Stock Market Plummets by N539 Billion
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


The Nigerian Exchange Limited (NGX) experienced a significant downturn in its stock market, witnessing a staggering decline of N539 billion Week-on-Week (WoW).

This drop has been attributed to the cautious approach taken by both local and foreign investors, who are navigating through the complexities of current macroeconomic uncertainties.

With many seeking to rebalance their portfolios in light of both global and domestic economic challenges, investor sentiment remains shaky.
The primary cause of this decrease in market capitalization can be traced back to profit-taking in large-cap stocks, which has further diminished investor confidence.

This shift reflects a renewed bearish sentiment within the market, where sell-offs across key sectors such as banking and industrial goods have adversely affected overall market performance.
As the trading week commenced, the overall market capitalization opened at N56.578 trillion. However, by the end of the week, it had plummeted by N539 billion, ultimately closing at N56.039 trillion.

In conjunction with this decline in market capitalization, the benchmark index—the Nigerian Exchange Limited All-Share Index (NGX ASI)—also fell by 0.95 percent Week-on-Week, ending the week at 97,520.54 basis points, a decrease from 98,458.68 basis points at which it began trading.
When examining the performance across various sectors, results were mixed. The NGX Oil & Gas and NGX Insurance indices emerged as leaders in terms of gains, reporting weekly increases of 7.29 percent and 3.81 percent, respectively.

Additionally, the NGX Consumer Goods index managed a modest gain of 0.34 percent. However, this positive performance was contrasted by losses in other sectors, with the NGX Industrial Goods and NGX Banking indices closing the week down by 6.84 per cent and 0.74 percent, respectively.
Despite the overall downturn, the market breadth was somewhat positive, as 45 equities recorded price appreciation while 33 equities saw a decline in their prices, and 73 equities remained stable without any change.
Among the gainers, Deap Capital Management & Trust topped the list with an impressive increase of 31.53 percent, closing at N1.46 per share.

Seplat Energy followed closely with a gain of 21.00 percent, closing at N4,964.70, while Tripple Gee and Company saw a rise of 20.34 percent, closing at N4.97 per share.
Conversely, McNichols led the decliners, experiencing a 15.63 percent drop to close at N1.35 per share. Fidelity Bank also faced challenges, with a 13.33 per cent loss, bringing its share price down to N13.00. Similarly, Dangote Sugar Refinery saw a decline of 12.20 percent, closing at N30.60 per share.
Overall, investors engaged in a total turnover of 2.872 billion shares worth N132.811 billion over 39,867 transactions during the past week. This is a notable decrease compared to the previous week, where 3.318 billion shares valued at N45.911 billion were exchanged across 49,243 transactions.
The Consumer Goods Industry led in trading volume, accounting for 1.341 billion shares valued at N106.099 billion across 4,652 transactions. This sector contributed an impressive 46.68 percent to total equity turnover volume and 79.89 percent to total value.

The Financial Services Industry followed, with 926.615 million shares worth N14.924 billion traded in 19,174 transactions, while the Oil and Gas Industry recorded a turnover of 244.638 million shares worth N7.221 billion over 4,221 transactions.
In terms of leading equities, trading activity from top players such as Guinness Nigeria, United Bank for Africa (UBA), and Japaul Gold & Ventures accounted for a significant portion of the activity, totaling 1.708 billion shares valued at N110.766 billion over 5,004 transactions. This impressive volume contributed to 59.47 percent of the total equity turnover volume and 83.40 percent of its total value.
Looking ahead, stock market analysts are cautiously optimistic, expecting positive sentiments to return to the market in the upcoming week.

Analysts at Cowry Assets Management Limited stated, “We anticipate a positive outing for the local bourse as we see the local bourse showing signs of recovery heading into the final quarter of the year, while the market awaits the nine months performance scorecards of some of the early filers such as Geregu Power, Dangote Cement, Dangote Sugar Refinery, MTN Nigeria Communications (MTNN), amongst others. Nevertheless, we continue to advise investors to focus on fundamentally sound stocks.”
Mr. Ambrose Omordion, the Chief Operating Officer of InvestData Consulting Limited, also shared insights, stating, “We expect mixed sentiment to continue on profit-taking and portfolio rebalancing ahead of Q3 earnings reporting session. Also, sector rotation continues in the market, with investors taking advantage of pullbacks to buy into value.

“This is amid the volatility and pullbacks that add more strength to upside potential. Consequently, investors should take advantage of price correction while considering the trends and events across the globe and domestically.”
In addition, analysts at Afrinvest Limited noted, “In October, despite pressure from upward repricing of fixed-income yields, we expect a bullish performance in the domestic equities market in October. Specifically, we anticipate long positioning for Q3 earnings and the announcement of banking interim dividends to be major catalysts.”

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

4 days ago
BREAKING NEWS: PENGASSAN Declares Nationwide Strike.
Economy

BREAKING NEWS: PENGASSAN calls off strike

1 week ago
You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery
Economy

You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery

1 week ago
BUA Chairman: Naira Will Settle at N1,300/$ by December 2025
Economy

BUA Chairman: Naira Will Settle at N1,300/$ by December 2025

2 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

17 Soldiers Killed as Bandits Attack Military Bases in Niger State
National

Why Boko Haram remains a bold threat in Nigeria – Former NAF spokesman

21 hours ago
‘Dangote not above Nigerian labour law’ – NLC blasts VP Shettima
National

‘Dangote not above Nigerian labour law’ – NLC blasts VP Shettima

21 hours ago
Politicians disappointed as Yakubu steps down as INEC chair – Ex-presidential aspirant
National

Politicians disappointed as Yakubu steps down as INEC chair – Ex-presidential aspirant

22 hours ago
Don’t throw Abia into chaos – Ex-SSG warns politicians
National

Don’t throw Abia into chaos – Ex-SSG warns politicians

22 hours ago
Shettima’s remarks at book launch not about Fubara’s suspension — Presidency
National

Dangote Refinery: Nigeria’s interest greater than PENGASSAN – Shettima

2 days ago
NUPENG Declares Oshiomhole ‘Persona Non Grata’ Over Anti-Worker Stance on Dangote Refinery Strike
National

NUPENG Declares Oshiomhole ‘Persona Non Grata’ Over Anti-Worker Stance on Dangote Refinery Strike

2 days ago

POLITICS

Court Orders INEC to Prosecute 2023 Election Offenders

Fix INEC before 2027 elections – Political leaders urge Tinubu

2 days ago
Taraba gov, Kefas set to defect to APC

Taraba gov, Kefas set to defect to APC

3 days ago
2027: Nigerians don’t trust INEC – ADC

2027: Nigerians don’t trust INEC – ADC

4 days ago
2027: Tinubu will not win if Atiku, Jonathan contest – Ex-VP’s aide

2027: Tinubu will not win if Atiku, Jonathan contest – Ex-VP’s aide

4 days ago
Gary Lineker apologises to Osimhen over past comment

Gary Lineker apologises to Osimhen over past comment

5 days ago
Ologunagba to critics: Stop the rumours, PDP not dead 

Ologunagba to critics: Stop the rumours, PDP not dead 

5 days ago

YOUR ECONOMY

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

4 days ago
BREAKING NEWS: PENGASSAN Declares Nationwide Strike.
Economy

BREAKING NEWS: PENGASSAN calls off strike

1 week ago
You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery
Economy

You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery

1 week ago
BUA Chairman: Naira Will Settle at N1,300/$ by December 2025
Economy

BUA Chairman: Naira Will Settle at N1,300/$ by December 2025

2 weeks ago
IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana
Economy

IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana

3 weeks ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery begins nationwide distribution of petrol

3 weeks ago

E & P

EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd
Sports

EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd

by Steven Atogi
22 hours ago
0

Manchester United legend, Paul Scholes has predicted the Premier League match between the Red Devils and Liverpool. Liverpool will host...

EPL: Amorim should use Mbeumo as striker over Sesko — Owen

EPL: Amorim should use Mbeumo as striker over Sesko — Owen

6 days ago
Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

1 week ago
Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

2 weeks ago
Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System

Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System

3 weeks ago
Lookman Wins Atalanta Player of the Month of September 2024

Siasia to Chelle: Rely on Lookman, Arokodare

4 weeks ago

YOUR THOUGHT & HISTORY

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’
National

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’

by Steven Atogi
4 days ago
The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour
Opinion

The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour

by Odini Brains
1 week ago
HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE
Opinion

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE

by Odini Brains
1 month ago
Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents
National

Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents

by Odini Brains
1 month ago
The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

17 Soldiers Killed as Bandits Attack Military Bases in Niger State

Why Boko Haram remains a bold threat in Nigeria – Former NAF spokesman

October 8, 2025
‘Dangote not above Nigerian labour law’ – NLC blasts VP Shettima

‘Dangote not above Nigerian labour law’ – NLC blasts VP Shettima

October 8, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address