The Nigerian Exchange (NGX) witnessed a significant downturn as investors lost N284 billion following a sell-off in major stocks, including MTNN and banking shares. The market closed in negative territory, with key indicators dropping by 0.43%, reversing the previous day’s marginal recovery.
The decline was driven by profit-taking activities in medium- and large-cap stocks, leading to a 454.16 basis point drop in the All-Share Index, which closed at 106,167.75. Trading activity also weakened, with total volume and value traded falling by 11.06% and 55.08%, respectively, according to stockbrokers.
Data from the exchange revealed that 324.59 million units of shares, valued at ₦7,918.12 million, were traded across 12,652 deals. FIDELITYBK led the volume chart, accounting for 9.07% of total trades, followed by ACCESSCORP (8.75%), GTCO (8.66%), ZENITHBANK (6.90%), and UNIVINSURE (5.00%). In value terms, GTCO dominated, representing 21.27% of the total market transactions.
Market sentiment turned negative, with 31 stocks declining compared to 22 gainers. MECURE led the losers’ chart with a 10.00% price drop, followed by DAARCOMM (-7.46%), MTNN (-4.22%), AFRIPRUD (-2.90%), FIDELITYBK (-2.57%), and ACCESSCORP (-1.84%). On the gainers’ side, LIVESTOCK topped with a 9.93% price increase, trailed by CORNERST (+9.25%), INTENEGINS (+8.99%), SMURFIT (+8.33%), LASACO (+7.55%), and SOVRENINS (+6.00%).
Sectoral performance was largely bearish, with three out of five major sectors closing lower. The consumer goods sector fell by 0.28%, the banking sector declined by 0.21%, and the oil & gas sector dipped by 0.03%. The insurance sector, however, gained 0.87%, while the industrial sector remained flat.
At the close of trading, the NGX’s total market capitalisation dropped by ₦284.41 billion to settle at ₦66.48 trillion, reflecting the day’s bearish trend.
Given the decrease in big firms like MTNN and banking shares, the Nigerian stock market's decline is quite worrisome. It serves as a reminder of the market's unpredictability! I have discovered that reading online Trustpilot reviews of stockbrokers or financial advisors may be quite beneficial for anyone looking to make well-informed investing selections. Before committing, it's usually beneficial to learn about other people's actual experiences. Additionally, there are excellent services that can help if you're juggling a lot of things or have an Trustpilot reviews online assignment that needs in-depth research. Keep yourself safe and educated when you're in the markets!
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