NSE Slumps by N2.18tn as Investors Adjust to New T+1 Settlement Cycle
The stock market extended its negative trend on Thursday, wiping out N2.18tn from investors’ wealth. Market capitalisation fell by 1.41%, from N154.45tn to N152.27tn. The All-Share Index declined by 3,397.80 points to close at 237,404.92. Market breadth ended negative with 40 losers against 13 gainers. Cadbury, Africa Prudential and Triple Gee led declines at 10% each. Legend Internet topped gains with a 9.52% jump, followed by NPF Micro-Finance Bank and Transcorp. Trading activity rose 4.33% as total volume hit 691.64 million shares worth N116.85bn. FirstHoldco led by volume, while Dangote Cement dominated by value. Experts attribute the downturn to investors adjusting to the T+1 settlement cycle introduced in June. Traditional players now must prefund transactions, creating temporary liquidity pressures. The market is expected to stabilise once adaptation improves.
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