The Nigerian Exchange (NGX) extended its losing streak on Monday, shedding N8 billion as investors continued to react to prevailing market uncertainties.
The All-Share Index (ASI) declined by 155.96 points, representing a 0.15% drop, closing at 105,799.17 points. This downturn pushed the market capitalization down to N66.3 trillion. Despite the recent losses, the ASI still holds a 2.79% year-to-date gain.
Market Performance and Key Losers
The bearish trend was driven by sustained sell-offs, with 35 stocks recording losses, while only 18 stocks gained.
- E-Tranzact International led the losers’ chart, plunging 10% to close at N5.85 per share.
- Sunu Assurances Nigeria followed closely, dropping 9.92%.
- Prestige Assurance Company and Sovereign Trust Insurance also posted significant declines, falling 8.26% and 7.77%, respectively.
Gainers Amid the Downtrend
Some stocks, however, showed resilience despite the broader market decline:
- Academy Press led the gainers, appreciating by 9.92% to close at N2.88 per share.
- Neimeth International Pharmaceuticals followed with an 8.43% increase.
- Tantalizers and Dangote Sugar Refinery recorded gains of 6.83% and 4.71%, respectively.
Trading Volume and Sectoral Performance
Total market trading volume stood at 477.5 million shares, exchanged in 13,520 deals, with a total turnover of N7.05 billion. This represented a 36% decline in both volume and value compared to the previous trading session on March 14. However, there was a 28% increase in the number of executed deals, reflecting increased investor activity despite the dip in trade volume.
Banking Stocks Dominate Market Activity
The financial sector saw the highest trading volume, with:
- Jaiz Bank emerging as the most traded stock, recording 197 million shares.
- Zenith Bank followed with 26 million shares.
- Sovereign Trust Insurance and Prestige Assurance traded 19.3 million and 18.5 million shares, respectively.
Sectoral Indices Reflect Market Weakness
The market’s sectoral indices mirrored the bearish trend:
- The Top 30 Index fell 0.12%.
- The Premium Index declined by 0.09%.
- The Pension Index and Oil & Gas Index lost 0.17% and 0.19%, respectively.
- The Industrial Index remained flat but maintained a 1.12% year-to-date gain.
Market Outlook
Analysts expect continued volatility in the NGX, driven by macroeconomic uncertainties and investor sentiment. While some sectors show resilience, overall market performance may remain subdued unless positive economic triggers emerge.
