The Nigerian Exchange (NGX) faced a downturn as investors lost approximately N77 billion due to renewed selling pressure on small-cap stocks. The market, which had gained in the previous session, closed Wednesday on a bearish note, with key performance indicators dropping by 0.11%.
Stockbrokers attributed the decline to profit-taking in small and mid-cap stocks. The NGX All-Share Index fell by 123.53 points to close at 107,675.46. Despite the drop, trading activity surged, with the total volume and value of traded stocks increasing by 72.46% and 13.67%, respectively.
According to a report by Atlass Portfolios Limited, investors exchanged about 423.42 million shares worth N9.57 billion across 11,112 deals.
Market Activity Highlights
- Top Traded Stocks by Volume: FCMB led with 24.19% of total shares traded, followed by Zenith Bank (7.89%), AccessCorp (7.38%), Jaiz Bank (5.77%), and Caverton (4.95%).
- Top Traded Stocks by Value: Zenith Bank topped the list, accounting for 16.74% of total trade value.
- Top Gainers: PZ and Oando gained 10% each, followed by Honeywell Flour (+9.96%), Caverton (+9.80%), Livestock (+9.35%), and NASCON (+7.14%).
- Top Losers: Fidson Pharmaceuticals led the decliners with a 9.60% drop, followed by Prestige (-7.50%), Lasaco (-6.15%), International Breweries (-4.39%), and NGX Group (-3.23%).
Sector Performance
Most sectors closed in the red:
- Insurance: -0.92%
- Banking: -0.75%
- Industrial Goods: -0.43%
- Consumer Goods: -0.17%
- Oil & Gas: +0.88% (the only sector that gained)
Overall, the NGX market capitalization dropped by N76.99 billion, closing at N67.10 trillion.
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