The Nigerian Exchange (NGX) extended its losing streak on Tuesday, shedding N265 billion as weak investor sentiment continued to weigh on the market. This marks the second consecutive loss of the week, with the market capitalization dropping to N66.1 trillion from N66.3 trillion the previous day.
At the close of trading, the All-Share Index (ASI) declined by 423.48 points, representing a 0.4% drop to 105,375.69 points. The latest downturn has pushed the market’s one-week loss to 0.75% and its four-week decline to 2.13%. Despite these losses, the market remains up by 2.38% year-to-date.
Market Activity and Sector Performance
Trading activity saw a total of 349.98 million shares exchanged in 11,230 deals, with a turnover of N8.22 billion. While turnover improved by 17%, trading volume declined by 27%, and the number of deals fell by 17% compared to the previous session.
Sectoral performance was mixed. The Insurance Index emerged as the top performer, gaining 1.11%, followed by the Consumer Goods Index, which rose by 0.17%. However, the Premium Index dipped by 0.24%, the Pension Index fell by 0.15%, and the Oil and Gas Index declined by 0.06%.
Gainers and Losers
Despite the broader market decline, some stocks recorded gains. Neimeth International Pharmaceuticals Plc led the gainers’ chart with a 10% increase, closing at N2.97 per share. Northern Nigeria Flour Mills Plc followed, gaining 9.99% to close at N79.80 per share. Other notable gainers included Custodian and Allied Plc (up 9.69% to N21.50), Sunu Assurances Nigeria Plc (up 7.99% to N5.00), Guinea Insurance Plc (up 7.69% to N0.70), and Wapic Insurance Plc (up 7.02% to N2.59).
On the losing side, BUA Cement Plc recorded the highest decline, dropping 10% to close at N83.70 per share. Ellah Lakes Plc fell by 4.82% to N3.16, Regency Alliance Insurance Plc lost 4.41% to N0.65, Wema Bank Plc declined by 4.19% to N10.30, Omatek Ventures Plc dropped by 2.99% to N0.65, and NEM Insurance Plc shed 2.88% to N13.50.
Top Traded Stocks
In terms of trading volume, Access Holdings Plc led with 36.8 million shares traded, followed by Universal Insurance Plc with 30.1 million shares, Fidelity Bank Plc with 28.9 million shares, and Jaiz Bank Plc with 22 million shares.
Outlook
The NGX’s continued downturn reflects ongoing investor caution amid economic uncertainties. While some sectors and stocks showed resilience, the overall market sentiment remains subdued. Analysts will be closely monitoring market trends and economic indicators to gauge the potential for a rebound in the coming weeks.
