NGX Closes Bearish as Market Capitalisation Drops by N106bn

Olufemi Adeyemi

Trading on the Nigerian Exchange Limited ended on a negative note on Monday, with the equities market recording a marginal decline in its benchmark index and a N106.24bn reduction in total market capitalisation.

The NGX All-Share Index fell by 0.07 per cent to 242,454.65 points from 242,619.20 points recorded at the previous trading session. Similarly, the market capitalisation of listed equities declined to N156.52tn, compared with N156.62tn on Friday.

The modest decline reflected a cautious trading session, as investors took positions in selected stocks while selling pressure weighed on several other equities.

Market Records Mixed Weekly Performance

Over the five-day trading period, the All-Share Index reached a high of 246,723.57 points and a low of 242,454.65 points, resulting in an average index level of 243,756.38 points.

Performance across several key market indices was also largely negative.

The NGX Main Board Index declined to 10,910.62 points, while the NGX 30 Index settled at 8,890.47 points. The NGX Premium Index also slipped marginally to 28,662.38 points.

Sectoral indices showed a similarly mixed performance. The NGX Banking Index closed at 2,536.29 points, while the NGX Insurance Index settled at 1,112.05 points. The NGX Industrial Index was virtually unchanged at 10,378.76 points.

However, the Consumer Goods sector bucked the broader trend, with its index rising from 4,037.91 points to 4,055.29 points. The NGX Sovereign Bond Index also recorded a modest increase, closing at 670.82 points.

1.33 Billion Shares Traded

Despite the decline in the overall market, trading activity remained relatively strong, with investors exchanging 1.33 billion shares in 45,439 transactions.

The Main Board accounted for the bulk of the activity, recording 1.24 billion shares traded through 25,549 deals. The Premium Board followed with 72.48 million shares exchanged in 16,705 transactions.

At the individual stock level, LASACO Assurance Plc dominated volume activity, with 730.69 million shares changing hands. Consolidated Hallmark Holdings Plc followed with 154.26 million shares, while Cornerstone Insurance Plc recorded 106.11 million shares.

The heavy activity in these counters helped drive overall market turnover, even as the benchmark index remained under pressure.

AVA Capital, Trans-Nationwide Express Lead Gainers

Price movements across the market showed significant gains in a number of stocks, with AVA Capital Plc emerging among the strongest performers after appreciating by 9.72 per cent to N7.90 per share.

Trans-Nationwide Express Plc gained 9.86 per cent to close at N3.12 per share, while Thomas Wyatt Nigeria Plc advanced by 9.09 per cent to N3.00.

Dangote Sugar Refinery Plc also recorded a notable gain, rising 8.60 per cent to N70.10 per share.

The gains in these counters indicate that investors continued to identify opportunities in selected equities despite the broader weakness in the market.

RT Briscoe, Fortis Global Insurance Among Major Decliners

On the other hand, selling pressure weighed heavily on several stocks.

RT Briscoe Plc declined by almost 10 per cent to close at N10.45 per share, while Fortis Global Insurance Plc suffered a similar drop, ending at N2.37.

NEM Insurance Plc also recorded a significant decline of 8.83 per cent, closing at N30.45 per share. Cutix Plc fell by 6.53 per cent to N2.29.

The mixed movement among individual stocks underscores the selective nature of trading, with investors rotating between counters based on prevailing market sentiment and company-specific considerations.

Overall, Monday’s session left the NGX marginally lower, as gains in consumer goods and a handful of individual equities were insufficient to offset declines across several major indices and counters.