The Nigerian Exchange market experienced its highest single-day dip in January, shedding about N1.07tn on Wednesday.
Sell-offs dragged that market to its third decline this year after enjoying a bullish trend for the better part of the month.
On Tuesday, the market lost N857bn as the market capitalization closed at N56.43tn on the back of sell-offs.
On January 10, the local bourse recorded its first loss in the New Year as the market cap dipped by about N638bn.
On the last trading day of the month, the market cap and All-Share Index depreciated by 1.89 per cent to N55.357tn and 101,154.45 points, respectively.
The gainers were led by stocks of Tripple G (9.97 per cent), PZ Cussons (9.97 per cent) and Geregu Power (9.69 per cent), which maintained its stay on the gainers chart for the second day running after announcing a N20bn dividend for the 2023 financial year.
On the losers chart were May&Baker, Royal Exchange and Sterling Financial Holding Company Plc, which shed 10 per cent each.
The volume and value drivers of the day’s market trend were led by stocks of Transcorp Plc, United Bank for Africa and Geregu.
The volume of equities traded was higher at 749.13 million units of shares, compared to the previous day’s volume of 648.95 million units valued at N22.49bn from 14,288 deals executed.
Speaking on the market performance, the Vice Chairman of Highcap Securities, David Adonri, said, “Investors are taking profits.
“Essentially, the investors that are left in the market are institutional investors who are investing for the long term. So they are not bothered about the short-term volatility of the market.”