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The Nigerian Exchange (NGX) on Tuesday extended its bearish run as investors retreated from select equities, wiping out N322 billion from the total market value.
At the close of trading, the All-Share Index fell by 568.62 points to 140,929.60, representing a decline of 0.4 per cent. The dip also pushed the market to a one-week loss of 0.44 per cent and a four-week loss of 0.36 per cent. However, despite the setback, the year-to-date return remained strong at 36.92 per cent.
Market activity showed mixed signals. A total of 759,058,546 shares worth N25.72 billion were traded in 23,639 deals. This reflected a 55 per cent increase in the volume of shares traded and an 88 per cent jump in turnover compared with the previous session. However, the number of deals dropped by 17 per cent, an indication of selective participation by investors.
Out of the 128 equities that participated in trading, only 16 recorded gains while 35 closed lower, reflecting weak sentiment across major counters.
Top Gainers and Losers
Thomas Wyatt Nigeria led the gainers’ chart with a 9.8 per cent rise to close at N2.80 per share. Chellarams followed with a 9.59 per cent increase to N16.00, while RT Briscoe rose 9.5 per cent to N3.92. Custodian and Allied also advanced by 9.4 per cent to N48.30 per share.
On the losing side, Dangote Sugar Refinery shed 10 per cent to close at N54.00 per share, making it the steepest loser of the day. Wema Bank followed with an 8.27 per cent decline to N18.85, while Secure Electronic Technology fell 6.25 per cent to N0.75. Access Holdings dropped 4.98 per cent to N24.80, and Aradel recorded a 4.76 per cent decline to N560.00.
Trading Activity
In terms of volume, Consolidated Hallmark Holdings emerged the most active stock with 170 million shares exchanged. Zenith Bank followed with 104 million shares, while First HoldCo and Fidelity Bank recorded 101 million and 52.5 million shares traded respectively.
By value, Zenith Bank led with N6.91 billion, followed by Guaranty Trust Holding Company Plc at N4.12 billion, First HoldCo at N3.15 billion, MTN Nigeria at N1.61 billion, and Presco at N1.24 billion.
Key market indices also closed negative. The NGX Top 30 Index dropped 0.47 per cent to 6,012.48 points. The Main Board Index lost 0.47 per cent, while the Industrial Index shed 0.6 per cent. The Consumer Goods Index declined marginally by 0.11 per cent, the Premium Index dipped 0.28 per cent, and the Pension Index fell 0.72 per cent, reflecting overall cautious investor sentiment.
The market downturn follows a bearish start to the week. On Monday, Nigerian Breweries and other major stocks dragged the exchange to a N220 billion loss, underscoring pressure on the consumer and industrial goods sectors.
Analysts say the continued decline reflects weak investor confidence in some blue-chip stocks and profit-taking by traders after weeks of strong gains. Market watchers expect sentiment to remain cautious in the short term, especially with lingering macroeconomic headwinds, inflationary pressures, and sectoral challenges.
Despite the losses, the year-to-date return of nearly 37 per cent shows that the market has provided strong growth for long-term investors, especially those who picked stocks in the banking and oil sectors earlier in the year. However, the current sell-off indicates that investors are adopting a wait-and-see approach, focusing on defensive positions and selective opportunities.
