NGX Losses Deepen, Investors Lose Additional N6112bn
The Nigerian Exchange (NGX) losses deepen as selling pressures persisted into the second trading session in the new week. The local bourse has continued to bleed due to negative investors’ sentiment across sectorial indices in the midst of third quarter earnings releases.
Banking names’ unimpressive earnings performance took away the stock market’s usual flavour that attract significant bargain hunting. Instead, the local bourse has been moving negatively, with the year-to-date return down to 48.29% due to losses in oil and gas, financial and consumer stocks, among others.
Data from the Nigerian Exchange showed that All-Share Index fell by 0.72% to close at 152,629.60 points. Hence, NGX market capitalisation contracted by ₦611.97 billion to ₦96.97 trillion.
Stockbrokers said market sentiment remained distinctly bearish, with 40 losers significantly outpacing 17 gainers, yielding a subdued 0.4x breadth ratio.
Trading activity presented mixed signals as volume increased 8.99% to 683.92 million shares, yet transaction values dropped 18.50% to ₦20.38 billion.
Also deal count contracted 8.61% to 33,288, reflecting diminished high-value institutional transactions and subdued retail engagement amid ongoing portfolio rebalancing and risk aversion
EUNISELL, SUNUASSUR, HONYFLOUR, LIVESTOCK, and TIP registered gains, while NASCON, SKYAVN, OANDO, UPDC, and LEARNAFRICA led the decliners with substantial price erosion.
Broad-based sectoral weakness persisted: Insurance (-3.76%), Banking (-2.05%), Consumer Goods (-1.49%), Oil & Gas (-0.78%), and Industrial (-0.01%) sectors experienced capital depreciation, while the Commodity sector remained unchanged. Investors Rally Nigerian Bonds after Failed Auction Bids
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