Bearish Trading Returns As NGX Market Cap Falls N984bn Amid Heavy Selloffs

The Nigerian equities market opened the new trading week on a bearish note, as sustained profit-taking and broad-based sell pressure dragged overall market performance lower, wiping off N984 billion from investors’ wealth.

Data from the Nigerian Exchange showed that the All-Share Index (ASI) declined by 1,534.01 points, representing a 0.63 per cent drop, to close at 243,204.73 points. In the same vein, market capitalisation fell by N984 billion, ending the session at N155.986 trillion.

The downturn was largely driven by losses in medium and large-cap stocks, including Aradel Holdings Plc, Nigerian Aviation Handling Company Plc, Oando Plc, First Holdco Plc, and Transnational Corporation of Nigeria Plc, which collectively weighed on market sentiment.

Market breadth closed negative, reflecting weak investor confidence, with 15 stocks gaining and 48 declining.

On the gainers’ chart, Royal Exchange rose by 10 per cent to N1.65 per share, followed by Ikeja Hotels with a 9.97 per cent increase to N47.45, and Consolidated Hallmark Holdings, which gained 9.58 per cent to N9.04.

University Press added 9.09 per cent to close at N6.00, while AXA Mansard Insurance appreciated by 8.73 per cent to N13.70 per share.

On the losers’ side, International Energy Insurance led with a 9.99 per cent decline to N6.40 per share. eTranzact International fell by 9.97 per cent to N14.90, while Neimeth International Pharmaceuticals shed 9.94 per cent to N7.70. Oando declined by 9.81 per cent to N47.80, and Abbey Mortgage Bank lost 9.65 per cent to close at N10.30.

Trading activity also weakened, as total volume fell by 39.3 per cent to 744.90 million units, valued at N36.40 billion, across 80,873 deals. Sterling Financial Holdings Company led activity with 102.96 million shares worth N805.46 million.

Guaranty Trust Holding Company followed with 41.27 million shares valued at N5.60 billion, while FCMB Group traded 37.94 million shares worth N433.68 million.

Access Holdings recorded 27.25 million shares valued at N666.01 million, while United Bank for Africa recorded 20.39 million shares valued at N877.26 million.

Market analysts at Cowry Assets Management Limited noted that bearish sentiment may persist, citing continued profit-taking and lingering uncertainties in the oil and gas space following geopolitical developments and shifting supply conditions.