Key Points
- Market capitalisation fell by N550bn to N155.97tn.
- The All-Share Index shed 843.42 points to close at 241,611.23.
- Investors exchanged 429.81m shares in 35,625 transactions.
Main Story
The Nigerian Exchange Limited (NGX) closed Tuesday’s session on a weaker footing, with declines in several major indices pulling the market deeper into negative territory.
The value of listed equities stood at N155.97tn at the close of trading, down from N156.52tn in the preceding session.
The market’s benchmark All-Share Index followed the same direction, settling at 241,611.23 after losing 843.42 points from Monday’s 242,454.65.
The downturn was reflected across most of the major sectoral indicators. The NGX Main-Board Index ended at 10,892.14 points, while the NGX 30 Index finished at 8,859.78.
Financial stocks also came under pressure, with the NGX Banking Index falling from 2,536.29 to 2,490.17 points. The NGX Premium Index similarly declined to 28,487.84 points.
The Consumer Goods and Oil/Gas indices closed at 4,049.97 and 5,201.49 points respectively, while the Growth Index settled at 27,136.42.
The insurance sector provided a slight counterpoint to the broader decline, with its index rising marginally to 1,112.50 points.
Despite the market-wide losses, trading remained active. A total of 35,625 deals were recorded, involving 429.81m shares across the different equity boards.
The Main Board accounted for most of the volume, with 346.82m shares changing hands through 20,316 transactions. The Premium Board followed with 66.90m shares traded in 13,013 deals.
Another 11.12m shares were exchanged on the Growth Board through 1,167 transactions. The Non-Interest Finance Board recorded 3.25m shares, while 1.72m shares were traded across the REITs and Closed-End Funds segment.
On the gainers’ side, Haldane McCall Plc recorded the strongest advance, climbing 9.97 per cent to N3.20. Veritas Kapital Assurance Plc rose 7.09 per cent to N1.36, while Tantalizers Plc added 5.26 per cent to close at N4.
RT Briscoe Plc gained 4.31 per cent to N10.90, Regency Assurance Plc increased by 3.66 per cent to N0.85 and Coronation Insurance Plc rose 2.27 per cent to N2.25. International Energy Insurance Plc, Cutix Plc and Lasaco Assurance Plc also recorded gains.
Red Star Express Plc suffered the biggest decline, falling 10 per cent to N16.20 per share. Trans-Nationwide Express Plc lost 9.94 per cent to N2.81, while Meyer Plc dropped 9.88 per cent to N15.05.
Chellarams Plc declined 9.77 per cent to N9.70, Fortis Global Insurance Plc fell 9.70 per cent to N2.14 and Ava Capital Plc dropped 9.49 per cent to N7.15.
The decline also extended to some major banking stocks. Fidelity Bank Plc fell 6.59 per cent to N20.55, while First Holdco Plc declined 5.71 per cent to N132.
Activity outside the equities market included 1,014 transactions in Exchange Traded Products, involving 411,551 units. Vetiva Consumer Goods ETF gained 3.09 per cent to N57.72, while Stanbic IBTC ETF 30 and SIAMPL Pension ETF each recorded a 10 per cent decline.
Trading in debt securities was relatively limited, with 7,504 units exchanged in four transactions. The activity included the 11.20 per cent FGN JUN 2027 Sukuk and the 15.75 per cent FGN OCT 2033 Sukuk.
The Issues
The session points to continued weakness in the equities market, with selling affecting several major sectors and pushing the benchmark index and market value lower. Financial stocks were among those under pressure, although the insurance index managed a modest gain.
What’s Being Said
The source provided does not include comments from investors, analysts or NGX officials explaining the factors behind Tuesday’s market decline.
What’s Next
The direction of the market in subsequent sessions will depend on investor sentiment and whether the selling pressure seen across major sectors continues.
Bottom Line
The NGX recorded another weak session on Tuesday, losing N550bn in market value as the All-Share Index dropped 843.42 points, despite continued trading activity across equities and other asset classes.
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