The Nigerian Stock Market suffered a significant downturn, losing over N215 billion as bearish sentiment dominated trading activities. This decline has persisted for days due to rising interest rates that now exceed inflation, making fixed-income investments more attractive than stocks.
Profit-taking across major market sectors drove the market lower, reducing the year-to-date return. The NGX All-Share Index (ASI) dropped by 345.36 basis points, marking a 0.32% decline to close at 107,781.61.
Despite the negative performance, trading activity improved. The total volume of traded stocks increased by 1.47%, while the total value of trades surged by 9.05%. According to Atlass Portfolios Limited, approximately 363.01 million shares worth ₦10.12 billion were exchanged in 13,753 transactions.
Top Market Performers:
- Most Traded by Volume: ACCESSCORP led the trading volume, accounting for 10.18% of total trades, followed by JAIZBANK (6.36%), ZENITHBANK (5.09%), MANSARD (4.71%), and GUINNESS (4.12%).
- Most Traded by Value: ARADEL dominated in transaction value, contributing 15.72% of total value traded.
- Top Gainers: SMURFIT led the advancers with a 10% price increase, followed by NGXGROUP (9.97%), REDSTAREX (9.57%), ABCTRANS (8.13%), and NPFMCRFBK (5.14%).
- Biggest Losers: HONYFLOUR recorded the highest loss at -10%, while OANDO (-9.72%), AFRIPRUD (-9.69%), CHAMS (-7.08%), and VERITASKAP (-5.98%) also saw significant declines.
Sectoral performance was negative across the board:
- Insurance sector dropped 3.52%
- Oil & Gas declined 1.04%
- Banking sector fell 0.56%
- Consumer Goods slipped 0.22%
- Industrial sector edged down 0.02%
As a result, the total market capitalization of the Nigerian Exchange decreased by ₦215.12 billion (0.32%), closing at ₦67.17 trillion.
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