Nigerian Exchange Declines As Financial Sector Takes A Hit, Investors Lose N35 Billion

The Nigerian Exchange (NGX) experienced a significant downturn today, with investors losing a staggering ₦35 billion as sustained sell pressures, particularly in financial stocks, drove the market into negative territory. The NGX All-Share Index (ASI) fell by 0.05%, closing at 104,858.77 points, reflecting a growing trend of investor unease.

The day’s losses were primarily fueled by heavy selling of major stocks, including UNILEVER, ACCESSCORP, and AFRIPRUD. According to Atlass Portfolios Limited, this marks the fifth consecutive trading session of sell-offs, resulting in a cumulative loss of ₦763 billion for investors.

Trading volume and value plummeted by 77.28% and 49.51%, respectively, indicating a sharp decline in market activity. Approximately 310.53 million shares, valued at ₦6.25 billion, were traded across 10,182 deals.

Key Market Movers:

• Top Volume: FIDELITYBK led in volume, accounting for 12.90% of total trades, followed by VERITASKAP (11.98%), NB (8.71%), ZENITHBANK (7.38%), and ACCESSCORP (6.76%).
• Top Value: ZENITHBANK dominated in value, representing 17.17% of all transactions.
• Gainers: CWG saw the largest gain, rising by 9.64%, followed by VERITASKAP (+8.41%) and DEAPCAP (+7.61%).
• Losers: LIVESTOCK suffered the biggest loss, dropping by 9.57%, with CHAMS (-5.16%), ELLAHLAKES (-4.46%), UNILEVER (-3.64%), and ACCESSCORP (-1.79%) also experiencing significant declines.

The market breadth closed negatively, with 14 gainers and 28 losers. Sectoral performance was mixed, with the consumer goods and insurance sectors showing gains of 0.39% and 0.13%, respectively. The banking sector, however, declined by 0.43%, while the industrial and oil & gas sectors remained unchanged.

The overall market capitalization decreased by 0.05%, closing at ₦65.75 trillion. Market analysts are closely monitoring the situation, as continued sell-offs could further erode investor confidence and impact the market’s stability.