Nigerian Exchange Index Sinks as Investors Lose N984bn
The Nigerian Exchange (NGX) All-Share Index (ASI) tumbled on Monday as investors lost about N984 billion in their combined equity portfolio value.
The local bourse opened the week on a healthy note, but sell-side activity plunged market indicators amid negative reactions to Nigeria’s headline inflation surge to 15.89%.
The NGX All-Share Index fell 0.63% to settle at 243,204.73 points, pulling the year-to-date return down to +56.29% and erasing ₦983.88 billion from market capitalisation, which closed at ₦155.99 trillion.
Trading activity was mixed, as volume and turnover declined 56.70% and 31.00% to 744.99 million shares and ₦36.44 billion, respectively, while deal count surged 62.58% to 80,977 transactions.
Market breadth was broadly negative at 0.36x, as 47 decliners led by INTENEGINS, ETRANZACT, NEIMETH, OANDO, and ABBEYBDS comfortably outpaced 17 advancers.
In the gainers chart were ROYALEX, IKEJAHOTEL, CONHALLPLC, UPL, and MANSARD, among other lightweight stocks that rallied.
Sectoral performance was broadly negative across the board, as Oil & Gas (-3.20%), Commodity (-1.86%), Banking (-1.00%), Insurance (-0.68%), Consumer Goods (-0.39%), and Industrial (- 0.001%) all closed in negative territory.
Heading into the next session, the market is expected to sustain its bearish trend, weighed down by continued profit-taking activity and lingering uncertainties around the Oil & Gas sector following the reopening of the Strait of Hormuz and the suspension of hostilities. NGX YTD Return Tops 57% as Investors Gain N1.38trn
