Nigerian Exchange Opens Negative, Investors Lose N275bn
The equity segment of the Nigerian Exchange (NGX) opened the week on a negative note as investors’ portfolio balance reduced by N275 billion on Monday.
The local bourse slipped with the All-Share Index (ASI) declining 0.21% to close at 200,484.43 points, according to trading details from the local bourse.
The selloffs pulled NGX’s year-to-date return backwards to +28.84% and erased ₦275.14 billion from market capitalisation, which settled at ₦128.69 trillion.
Trading activity was mixed, as turnover and deal count rose 4.83% and 38.84% to ₦25.65 billion and 60,311 transactions, respectively, even as volume edged down marginally by 0.32% to 593.25 million shares.
Stockbrokers reported that market breadth was negative at 0.8x, as 34 decliners led by NSLTECH, MAYBAKER, LEGENDINT, CUTIX, and FTGINSURE outpaced 26 advancers, with AUSTINLAZ, ZICHIS, TRANSEXPR, TIP, and LEARNAFRICA recording the most notable gains.
Sectoral performance was broadly weak, as Insurance (-1.38%), Banking (-0.81%), Industrial (-0.45%), and Consumer Goods (-0.01%) collectively weighed on the index, while Oil & Gas (+0.10%) was the lone gainer and the Commodity sector closed flat. Nigeria Targets 7% GDP Growth, $14bn Infrastructure Boost— Edun
