Nigerian Exchange Index Slides as Investors Lose N220bn
The stock market opened the week with downbeat sentiment as the Nigerian Exchange (NGX) All-Share Index (ASI) nosedived by 0.24% to close at 141,498.22 points.
Due to sell pressures, the year-to-date return moderated to 37.48%, while the total market capitalization fell by ₦219.63 billion to ₦89.52 trillion.
The market’s weakness stemmed from selloffs in Nigerian Breweries (-7.64%), UBA (-2.71%), GTCO (-1.06%), OANDO (-5.76%), and FIRSTHOLDCO (-1.88%).
The value lost to selloff on these top stocks outweighed gains in ZENITHBANK (+2.66%), INTBREW (+3.23%), ACCESSCORP (+0.77%), and JAIZBANK (+2.97%).
Market sentiment was weak, reflected by a negative breadth of 0.8x with 21 gainers compared to 28 decliners. ROYALEX (+9.80%) led the gainers, while MCNICHOLS (-10.00%) closed as the session’s worst performer.
Trading activity presented a mixed picture: trading volume increased by 12.25% to 488.56 million units, while trading value dropped by 9.32% to ₦13.72 billion across 28,621 deals, reflecting a rise in the number of transactions.
UNIVINSURE emerged as the most active stock by volume, accounting for 79.6 million units (16.28% of total volume traded), while ZENITHBANK topped the value chart with trades worth N3.9 billion (28.14% of total value traded).
Sectoral performance was largely bearish, as 4 out of 6 major indices declined. The Consumer Goods (-0.77%), Oil & Gas (-0.50%), Banking (-0.25%), and Insurance (-0.08%) indices slipped, weighed down by losses in NB (-7.64%), OANDO (-5.76%), UBA (-2.71%) and WAPIC (-6.25%), respectively. Meanwhile, the Industrial Goods and Commodity Indices remained flat. #Nigerian Exchange Index Slides as Investors Lose N220bn Investors Take Profit on Bonds as Real Interest Rate Hits 7.38%
