Investors on the Nigerian Exchange shed approximately ₦515 billion in market value as bearish sentiment persisted for the third consecutive trading session, deepening the ongoing price correction across key counters.
Market capitalisation declined by ₦514.99 billion to close at ₦124.24 trillion, reflecting sustained sell pressure in consumer goods, banking and insurance stocks. The downturn followed cautionary signals from the Nigerian Exchange Limited regarding overbought positions in select equities, which has continued to weigh on sentiment.
The benchmark All-Share Index (ASI) depreciated by 802.39 basis points, representing a 0.41 per cent decline to settle at 193,567.81 points. Correspondingly, the market closed in negative territory as both the ASI and overall capitalisation contracted by 0.41 per cent.
Trading activity also weakened. Total volume traded fell by 36.01 per cent, while total value declined by 30.58 per cent, according to market data. Atlass Portfolio Limited reported that investors exchanged 868.54 million shares valued at ₦31.48 billion across 69,310 deals during the session.
On the volume chart, JAIZBANK accounted for 9.16 per cent of total transactions, followed by JAPAULGOLD (8.50 per cent), ACCESSCORP (7.76 per cent), CHAMS (6.60 per cent), and ZENITHBANK (5.28 per cent). ZENITHBANK led the value chart, contributing 12.93 per cent of the total value traded.
On the gainers’ table, FTNCOCOA recorded the maximum allowable daily appreciation of 10.00 per cent. It was followed by RTBRISCOE (+9.95 per cent), DEAPCAP (+9.92 per cent), JAPAULGOLD (+9.91 per cent), ELLAHLAKES (+9.72 per cent), OMATEK (+9.72 per cent), and 23 others.
Conversely, 38 stocks posted price declines. JAIZBANK led the laggards with a 9.98 per cent depreciation, trailed by IKEJAHOTEL (-9.90 per cent), JOHNHOLT (-9.90 per cent), ENAMELWA (-9.88 per cent), CADBURY (-9.69 per cent), and GUINEAINS (-8.63 per cent).
Market breadth closed negative with 29 gainers against 38 losers, underscoring the dominance of bearish sentiment.
Sectoral performance reflected the overall weakness. The Industrial Goods Index fell by 1.19 per cent, followed by the Banking Index (-0.63 per cent), Insurance Index (-0.32 per cent), and Consumer Goods Index (-0.03 per cent). The Oil and Gas Index was the sole gainer, inching up by 0.12 per cent.
