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The Nigerian Exchange (NGX) closed Tuesday’s trading session on a negative note, as the equities market lost about N71 billion in market capitalisation, driven largely by sell-offs in key bellwether stocks.
At the end of trading, the All-Share Index (ASI) fell by 112.22 points or 0.08 per cent to settle at 141,546.78 basis points, compared with 141,659.00 points recorded in the previous session. The market capitalisation also dropped from N89.671 trillion to N89.600 trillion, resulting in losses for investors.
Market analysts attributed the downturn to profit-taking and negative sentiment around some mid-cap and penny stocks. The worst-hit equities included Austin Laz & Company, Deap Capital Management & Trust, FTN Cocoa Processors, Regency Alliance Insurance, and Champion Breweries.
Trading data from the NGX showed that investors exchanged a total of 414.98 million shares worth N12.94 billion in 25,383 deals. This represented a 25 per cent decline in traded volume, 46 per cent decline in turnover, and 20 per cent decline in the number of deals, compared with the previous session.
A total of 128 listed companies participated in the day’s transactions, with 23 gainers and 27 losers, reflecting a broadly bearish market breadth.
Top Gainers
Custodian & Allied Insurance emerged as the best-performing stock, gaining 9.94 per cent to close at N44.80 per share. It was followed by Multiverse Mining and Exploration, which appreciated by 9.68 per cent to close at N13.60 per share. Others on the gainers’ chart included Eunisell Interlinked and E-Tranzact International, both of which rose 9.45 per cent each to close at N27.80 and N17.95 per share, respectively.
Top Losers
On the flip side, Austin Laz & Company led the losers’ chart with a decline of 6.27 per cent to close at N2.69 per share. Deap Capital Management & Trust fell by 5.56 per cent to N1.70 per share, while FTN Cocoa Processors dipped 4.84 per cent to N5.90 per share. Regency Alliance Insurance and Champion Breweries also dropped by 4.40 per cent and 4.26 per cent, closing at N1.74 and N15.30 per share, respectively.
Most Traded Stocks
In terms of activity, Guaranty Trust Holding Company (GTCO) recorded the highest volume and value of trades, with 32.9 million shares worth N3.12 billion exchanged. Secure Electronic Technology Plc followed with 32.5 million shares, while United Bank for Africa (UBA) and Chams Plc traded 26.2 million and 22 million shares, respectively.
Across the market indices, performance was mixed. The Top 30 Index fell 0.15 per cent, the Premium Index shed 0.16 per cent, and the Pension Index lost 0.10 per cent. However, the Oil & Gas Index posted a marginal gain of 0.14 per cent, while the Industrial Index closed flat.
Despite Tuesday’s dip, the market has sustained a strong year-to-date gain of 37.52 per cent, indicating continued resilience in investor appetite for Nigerian equities. Analysts noted that the market is likely to witness mixed trading sentiment in the short term as investors rebalance portfolios and position ahead of the release of third-quarter earnings reports.
It would be recalled that the NGX had opened the week positively on Monday, with the market capitalisation rising by N704.38 billion to close at N89.6 trillion, before losing steam in Tuesday’s session.
Market experts say the coming weeks will be key in determining the direction of equities, especially with expectations around corporate earnings and macroeconomic policies shaping investor confidence.
