The Nigerian Exchange (NGX) experienced a third consecutive day of decline, with the All Share Index falling by 0.20% to 97,199.60 points on Wednesday.
This downward trend resulted in a loss of N108 billion, bringing the market capitalization to N55.18 trillion. Consequently, the year-to-date gain decreased to 31.37%.
Trading activity declined significantly, with a 47% drop in volume, resulting in 315.3 million shares traded. The turnover also reduced by 61% to N5.48 billion, while the number of deals decreased by 26% to 8,365.
Guinea Insurance led the gainers’ charts, recording a 10% increase at N0.44 per share. It was closely followed by SFS Real Estate Investment Trust with a 9.96% gain at N111.50 per share. Honeywell Flour Mill and RT Briscoe also added 9.87% gains each at N4.12 and N1.67 per share respectively.
On the other hand, Oando topped the losers’ chart, with its share price declining by 9.95% at N36.20 per share. Cutix followed closely, losing 9.92% to close at N5.36 per unit, while Academy Press, Japaul Gold and Ventures, and Red Star Express also recorded significant losses.
The market breadth closed negative, with 25 equities declining against 22 gainers. 118 stocks were traded in total, further reflecting the prevailing bearish sentiment.
Veritas Kapital Assurance recorded the highest volume of traded shares, with 38.4 million units changing hands, followed by Guaranty Trust Holding Company (36.3 million), Universal Insurance (23.2 million), and Oando (22.1 million).
The decline was driven by losses in large and medium-capitalization stocks, including Oando, Nigerian Breweries, Cutix, NEM Insurance, and Academy Press. As the market continues its downward trend, investors await positive triggers to reverse the bearish sentiment.
“We anticipate the market to extend the bearish performance as the market remains short of positive triggers,” Afrinvest Limited stated, regarding the outlook for the market’s performance.
Oando tops losers’ chart as NGX declines
