NGX Sheds ₦363bn

The Nigerian Exchange Limited (NGX) began the month of September on a bearish note as market activities closed lower, with equities shedding about ₦363bn in value on the first trading day. At the close of Monday’s session, the market capitalisation dropped to ₦88.4tn, reflecting renewed selling pressure across several sectors.

Trading statistics showed that investors exchanged 407.96 million shares in 33,843 deals, amounting to a turnover of ₦14.77bn. This represented a mixed performance when compared with the preceding session on Friday, August 29. While trade volume dipped by 6 per cent, market turnover improved by 42 per cent, and the number of deals increased by 32 per cent, suggesting heightened investor participation despite the negative market outcome.

The downtrend was mirrored in the benchmark All-Share Index (ASI), which fell by 573.31 points, or 0.41 per cent, to close at 139,722.19. On a broader scale, the index reflected a weekly loss of 1.21 per cent and a four-week decline of 3.02 per cent. However, year-to-date, the market still maintains a strong positive return of 35.75 per cent, underscoring sustained long-term investor confidence despite recent volatility.

Sectoral performance was also largely bearish. The NGX Top 30 Index slipped by 0.38 per cent, while the Consumer Goods Index dipped by 0.03 per cent. The Insurance Index declined slightly by 0.05 per cent, and the Main Board Index dropped 0.17 per cent. Heavier losses were seen in the Oil & Gas Index, which shed 0.45 per cent, and the Pension Index, which fell 0.6 per cent.

Out of 126 listed equities that participated in the day’s trading, market breadth leaned towards the bears, with 33 decliners against 15 gainers. Sovereign Trust Insurance topped the gainers’ chart with a 10 per cent rise to close at ₦2.86 per share. Scoa Nigeria followed closely, appreciating by 9.83 per cent to ₦6.59. Cornerstone Insurance gained 7.98 per cent to close at ₦6.90, while Guinea Insurance rose by 7.75 per cent to settle at ₦1.53. Other notable advancers included NSL Technologies, up 4.71 per cent to ₦0.89, and University Press, which improved by 4.17 per cent to ₦1.25.

On the flip side, Eterna Plc led the laggards, plunging by 10 per cent to ₦34.20. Ellah Lakes and Veritas Kapital Assurance also lost 10 per cent each, closing at ₦12.69 and ₦1.89 respectively. Chams Plc shed 9.56 per cent to ₦2.65, Cutix Plc fell 7.71 per cent to ₦3.23, while Tantalizer Plc dropped 7.26 per cent to settle at ₦2.30 per share.

In terms of market activity, FCMB Group led the volume chart with 55.8 million shares traded, followed by Access Holdings with 31.9 million shares, Fidelity Bank with 26.2 million, NSL Technologies with 22.4 million, and AIICO Insurance with 17.7 million shares. On the value chart, Aradel Plc emerged top with transactions worth ₦5.31bn, trailed by Zenith Bank (₦1.11bn), WAPCO (₦0.97bn), Access Holdings (₦0.84bn), and GTCO (₦0.83bn).

The bearish start to September extends the losing streak recorded last week, when equities shed ₦439bn in market capitalisation amid persistent negative investor sentiment.