The Nigerian Exchange (NGX) took a hit on Wednesday, shedding over N48 billion as investors redirected funds into fixed-income securities. The stock market closed on a negative note, with key indicators dropping by 0.07%, reflecting growing caution among investors.
Market analysts attributed the downturn to continued sell-offs in major stocks, a trend that has persisted over the past two trading sessions, leading to a cumulative loss of N333 billion in investor wealth, according to a report by Atlass Portfolios Limited.
Market Performance Overview Trading data showed that the NGX All-Share Index (ASI) dropped by 77.37 basis points, settling at 106,090.38. Despite the decline, market activity increased, with the total volume of shares traded surging by 361.77% and total value traded rising by 29.57%.
Atlass Portfolios Limited reported that approximately 1.5 billion shares worth N10.26 billion changed hands in 11,748 transactions.
Top Market Movers
- Most Traded Stocks (Volume): Sovereign Trust Insurance (SOVRENINS) led the pack, accounting for 66.15% of total trades, followed by Jaiz Bank (12.52%), NSLTECH (2.91%), Zenith Bank (1.52%), and United Capital (1.22%).
- Most Traded Stock (Value): MTN Nigeria (MTNN) was the most traded stock by value, making up 26.34% of total transactions.
Gainers and Losers
- Top Gainers: Tantalizer led with a 9.79% price increase, followed by NSLTECH (+9.68%), Caverton (+9.09%), FTN Cocoa (+6.51%), Jaiz Bank (+6.04%), and Link Assurance (+5.26%).
- Top Losers: Conoil was the biggest decliner, dropping 10%, while Berger Paints (-9.81%), Multiverse (-9.66%), Consolidated Hallmark Insurance (-6.49%), United Capital (-4.93%), and Dangote Sugar (-3.00%) also recorded losses.
Sectoral Performance
The market recorded 19 gainers against 31 losers, indicating a negative market breadth. Three out of five major market sectors saw declines:
- Banking Index: The only sector to record gains, rising 0.25% due to renewed interest in Guaranty Trust Holding Company (GTCO), which climbed 2.84%.
- Declining Sectors: Oil & Gas (-0.56%), Consumer Goods (-0.23%), and Insurance (-0.22%) saw losses, with investors selling off stocks like Conoil (-10.00%), Dangote Sugar (-3.00%), and Consolidated Hallmark Insurance (-6.49%).
- Flat Sectors: Industrial Goods and Commodity indexes remained unchanged.
By the end of the trading session, the total market capitalization of the NGX had fallen by N48.45 billion, closing at N66.44 trillion.
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