NGX Index Dips as Investors Offload FirstHoldco, Fidelity Bank
The Nigerian Exchange (NGX) All-Share Index (ASI) declined as investors offloaded shares in First Holdco, Fidelity Bank, UBA and other tier-2 lenders.
The local bourse opened trading for the week on a negative note, with the NGX-ASI declining by 0.11% to close at 239,085.17 points.
Stock market capitalisation plunged to N154.4 trillion as investors lost N137.1 billion amid persistent selling pressure over 10 consecutive trading sessions.
The performance reflected selloffs in FIRSTHOLDCO (-1.58%), FIDELITYBK (-6.00%), UBA (-1.44%), and WEMABANK (-1.19%), which offset price gains in ACCESSCORP (+1.85%) and GTCO (+0.55%).
Trading activity was mixed, with total volume rising sharply by 60.49% to 668.72mn units, while total value traded declined by 33.13% to ₦23.83bn across 45,894 deals.
Market breadth closed on a negative note, with 17 gainers against 32 losers. Despite the pullback, the market’s year-to-date return moderated to 53.64%.
Sectoral performance closed on a negative note today as all five major market sectors declined. The Banking sector led the losses (-0.63%), followed by Insurance (-0.53%), Consumer Goods (-0.01%), Oil & Gas (-0.004%), and Industrial Goods (- 0.0005%).
Oil & Gas (+85.76%), Industrial Goods (+82.84%), and Banking (+62.16%) remain the primary growth drivers, while the Insurance sector remains in negative territory at -9.13% year to date,
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