The Nigerian Exchange (NGX) market saw a decline in value, losing over N21 billion due to sell-offs, particularly in stocks like MTN Nigeria, PZ Cussons, and Jaiz Bank.
At the end of the trading session, key performance indicators were down by 0.04%, with the NGX All-Share Index dropping 34.84 points to close at 98,023.23. Despite a positive market trend, profit-taking on major stocks, including MTNN, drove the market lower for the third straight day.
However, trading activity increased significantly, spurred by third-quarter earnings releases. Total trading volume rose by 34.97%, and the total trade value jumped by 71.43%.
According to Atlass Portfolios Limited, around 538.96 million units valued at ₦15.3 billion changed hands across 10,028 transactions. Jaiz Bank led in trade volume, making up 19.82% of total transactions, followed by UBA (17.82%), CHAMS (14.99%), MTNN (5.72%), and Zenith Bank (4.29%). In terms of trade value, MTNN accounted for 35.23% of the day’s total.
Leading the gainers’ list were SKYAVN, UPL, and VITAFOAM, each up by 10%. Other top gainers included EUNISELL (+9.93%) and NAHCO (+9.89%). In contrast, 23 stocks declined, with PZ and Jaiz Bank both losing 10%, and other significant decliners including UPDC (-9.38%) and MTNN (-4.84%).
The market breadth remained positive with 33 stocks advancing and 23 declining. Sector-wise, three of the five major sectors saw gains: Insurance rose 0.71% and Consumer Goods by 0.11%, while Banking fell 1.73%, Industrial dipped 0.24%, and Oil & Gas lost 0.22%.
Overall, the NGX market capitalization dropped by₦21.11 billion to₦59.40 trillion, totaling a three-day loss of₦864 billion due to sell pressure on key stocks while smaller stocks showed gains.
