Nigerian Equities Index Declines as Investors Lose Buying Appetite
The Nigerian Exchange (NGX) equities index declined as investors lost appetite for buying, with selloffs putting pressure on four key sectors in the local bourse.
Key indicators fell 16 basis points as the market sustained its downward trajectory for the fourth consecutive session, driven by profit-taking, particularly in medium-cap stocks across key market sectors.
The All-Share Index fell by -398.18 basis points to close at 242,619.20, while Market capitalisation declined by ₦257.06 billion to close at ₦156.62 trillion.
Despite the early-week gain, the overall market posted a negative week-on-week performance, with the NGX-ASI down 1.20%, while investors’ wealth also declined by approximately ₦1.89 trillion.
The total volume of trades and the total value traded declined by -66.64% and -10.53%, respectively. Stockbrokers reported that approximately 1,413.63 million units, valued at ₦45,312.94 million, were transacted in 39,134 deals.
FTGINSURE topped the volume chart, accounting for 63.82% of all trades and emerging as the most traded, followed by CORNERST (7.32%), UNIVINSURE (4.14%), STERLINGNG (3.89%), and REGALINS with 1.76%.
In terms of value traded, FIRSTHOLDCO accounted for 17.58% of the total trade value, making it the most actively traded on the exchange.
INTENEGINS led the gainers chart, up by +9.92%, trailed by TRANSEXPR (+9.65%), GUINEAINS (+6.67%), REGALINS (+6.25%), JAPAULGOLD (+5.36%), TIP (+4.00%), and fifteen others.
A total of thirty stocks depreciated. With a price depreciation of -9.31%, FTGINSURE topped the worst performers’ chart, followed by OMATEK (-9.04%), JOHNHOLT (-9.00%), RTBRISCOE (-7.94%), DANGSUGAR (-7.79%), and SUNUASSUR (-6.98%).
Hence, market breadth closed negative, with 21 gainers and 30 losers.
Sectoral performance was negative today, with four of the five major market sectors declining. The Insurance sector led with -1.49%, followed by the Consumer goods sector (-0.46%), the Banking sector (-0.23%), and the Industrial goods sector (-0.0002%). Only the Oil & Gas sector increased by 0.05%.
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