The Nigerian Exchange continued its downward trajectory on Tuesday, losing N265 billion as weak investor sentiment persisted.
This marks the second consecutive loss of the week, bringing the market capitalisation down to N66.1 trillion from the previous day’s N66.3 trillion.
At the close of trading, the All-Share Index (ASI) declined by 423.48 points, representing a 0.4 per cent drop to 105,375.69. This latest slump extended the market’s one-week loss to 0.75 per cent and a four-week decline of 2.13 per cent. Despite this, the NGX remains up by 2.38 per cent year-to-date.
Market activity reflected the cautious mood, with a total of 349.98 million shares traded in 11,230 deals, amounting to a turnover of N8.22 billion. This represented a 27 per cent decline in traded volume compared to the previous session, even as turnover improved by 17 per cent. The number of deals also fell by 17 per cent.
Sectoral performance was mixed. The Insurance Index emerged as the best performer, gaining 1.11 per cent, followed by the Consumer Goods Index, which inched up by 0.17 per cent. Conversely, the Premium Index dipped by 0.24 per cent, the Pension Index fell by 0.15 per cent, and the Oil and Gas Index declined by 0.06 per cent.
Despite the overall market downturn, some stocks recorded notable gains. Neimeth International Pharmaceuticals Plc led the gainers’ chart with a 10 per cent increase, closing at N2.97 per share. Northern Nigeria Flour Mills Plc followed closely, appreciating by 9.99 per cent to close at N79.80 per share. Other top gainers included Custodian and Allied Plc, which rose 9.69 per cent to N21.50 per share; Sunu Assurances Nigeria Plc, up 7.99 per cent to N5.00 per share; Guinea Insurance Plc, which gained 7.69 per cent to N0.70 per share; and Wapic Insurance Plc, climbing 7.02 per cent to N2.59 per share.
On the flip side, BUA Cement Plc recorded the most significant decline, dropping 10 per cent to close at N83.70 per share. Ellah Lakes Plc followed with a 4.82 per cent loss to settle at N3.16 per share, while Regency Alliance Insurance Plc fell by 4.41 per cent to N0.65 per share. Other notable decliners included Wema Bank Plc, which shed 4.19 per cent to N10.30 per share; Omatek Ventures Plc, down 2.99 per cent to N0.65 per share; and NEM Insurance Plc, which declined by 2.88 per cent to N13.50 per share.
In terms of trading volume, Access Holdings Plc led with 36.8 million shares exchanged, followed by Universal Insurance Plc with 30.1 million shares, Fidelity Bank Plc with 28.9 million shares, and Jaiz Bank Plc with 22 million shares.
The decline follows Monday’s trading session, where the NGX shed N8 billion as investors continued to react to prevailing market headwinds.
