NGX Down, Investors Lose N135bn as Selloffs Persist
The equities market of the Nigerian Exchange (NGX) extended its bearish run on Wednesday, as sustained selloffs wiped off about N135.13 billion from investors’ portfolio value.
The All-Share Index (ASI) declined 0.20 per cent to close at 140,716.10 points, while market capitalisation settled lower at N89.06 trillion. Year-to-date return also moderated to 36.72 per cent from the previous 36.92 per cent, reflecting profit-taking by investors ahead of third-quarter earnings releases.
Losses in MTN Nigeria (-4.80%), Jaiz Bank (-4.40%) and WAPIC Insurance (-8.80%) were the major drags on the market, outweighing strong gains in Dangote Sugar (+10.00%) and Mecure Industries (+10.00%).
Trading activity weakened further as share volume fell 41.70 per cent to 442.56 million units, while transaction value dropped 34.04 per cent to N16.97 billion across 21,684 deals. Zenith Bank led both the volume and value charts with 68 million shares worth N4.7 billion.
Investor sentiment remained broadly negative, with 28 decliners against 23 gainers, translating to a market breadth of 0.8x. DEAP Capital (-9.42%) and Legend Insurance (-9.30%) topped the losers’ chart, while Dangote Sugar and Mecure posted the session’s strongest advances.
Sectoral performance was mixed. Banking stocks gained 1.29 per cent, supported by renewed demand for tier-one lenders, while the Consumer Goods and Industrial indices advanced 0.55 per cent and 0.25 per cent respectively.
In contrast, the Insurance index slipped 0.25 per cent, Oil & Gas lost 0.05 per cent, and the Commodities index closed flat.
Overall, the market closed deep in the red, underscoring persistent investor caution and heightened sell pressure despite bargain opportunities in select counters.
