Investors in the Nigerian Exchange (NGX) experienced a loss exceeding ₦208 billion, driven by a significant drop in oil and banking stocks such as Wema Bank, Aradel Holdings, and Haldane McCall.
The benchmark NGX All-Share Index (NGX-ASI) closed on a bearish note, shedding 35 basis points to settle at 97,296.57 points. Key drivers of this decline included notable selloffs in Aradel Holdings (-9.98%), Nigerian Breweries (-5.26%), Fidelity Bank (-1.60%), and Eterna (-9.88%).
Despite some positive performances in Oando (+3.33%), Access Holdings (+1.77%), and Conoil (+6.56%), the broader market sentiment remained negative. The day also saw John Holt drop by -10.00%, while SUNU Assurances surged by +9.97%.
Analysts Attribute Losses to Profit-Taking
Market analysts noted that the 0.35% drop in the NGX-ASI, equivalent to a decline of 343.31 basis points, reflects profit-taking activities in medium-cap stocks like Aradel. This selloff reversed the modest gains recorded in the previous session.
Trading Volume and Value Surge
Despite the bearish trend, trading activity increased, with total transaction volume rising by 48.97% and total value traded climbing by 28.07%. According to Atlass Portfolios Limited, approximately 822.46 million units worth ₦10.29 billion were traded across 9,385 deals.
Haldane McCall emerged as the most traded stock by volume, accounting for 45.53% of the total shares exchanged. Other active stocks included Japaul Gold (14.12%), Tantalizer (3.74%), UBA (3.59%), and GTCO (3.50%), completing the top five volume drivers.
Market Outlook
The market’s negative performance underscores cautious investor sentiment amid profit-taking in key sectors. Analysts suggest that a reversal may depend on renewed buying interest in undervalued stocks and improved market confidence.
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