Investors in the Nigerian stock market suffered a significant loss of approximately N698 billion due to a sharp decline in stock prices. This downturn ended the recent positive momentum in the market, as the Nigerian Exchange All-Share Index (NGX ASI) dropped by 1.02%, closing at 108,053.95 points......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
Stock market analysts attributed the decline to heavy selling pressure, particularly on mid- and high-cap stocks. The biggest losers of the day included BUAFOODS, which fell by 10.00%, ARADEL, down by 6.90%, and STANBIC, which dropped by 5.43%. Other companies that saw a decrease in their stock value include Nigerian Breweries (-2.80%), Fidelity Bank (-2.01%), First Bank of Nigeria Holdings (-1.67%), Transcorp (-1.64%), FCMB (-0.89%), United Bank for Africa (-0.77%), and GTCO (-0.08%).
Despite the losses, market activities increased, as the total number of shares traded rose by 12.10%, while the total value of transactions surged by 51.22%. According to Atlass Portfolios Limited, a total of 478.76 million shares worth ₦13.91 billion were exchanged in 15,613 deals.
In terms of trading volume, STERLINGNG led the market, accounting for 18.57% of all traded shares. It was followed by ACCESSCORP (6.23%), VERITASKAP (4.53%), AIICO (4.21%), and HONYFLOUR (3.85%). However, Dangote Cement (DANGCEM) emerged as the most traded stock in terms of total transaction value, making up 17.61% of all trades on the exchange.
On a positive note, some stocks recorded gains, with ROYALEX leading the advancers’ chart after rising by 10.00%. Other top gainers included UPDC (+9.88%), TIP (+9.76%), REDSTAREX (+9.09%), CWG (+7.31%), and PZ (+7.32%), along with 32 other companies that experienced price appreciation.
In total, 38 stocks gained, while 27 stocks declined. Despite the positive market breadth, sectoral performance was largely negative, with three of the five major market sectors recording losses. The consumer goods sector took the biggest hit, dropping by 5.01% due to the sell-off in BUAFOODS (-10.00%). Similarly, the oil & gas sector (-2.34%) and the commodity sector (-1.33%) were negatively impacted by the fall in ARADEL (-6.90%). The banking sector also declined by 0.73%, dragged down by STANBIC (-5.43%).
On the other hand, the industrial goods sector (+0.76%) and the insurance sector (+0.29%) posted slight gains, thanks to price increases in DANGCEM (+1.24%) and MANSARD (+2.07%).
Overall, the stock market capitalization fell by N697.62 billion, a 1.02% decline, bringing the total market value to ₦67.42 trillion.