Investors Suffer N317.5bn Loss Amidst Persistent Sell-Offs
The Nigerian equities market commenced the week on a downward trajectory, with investors recording a substantial loss of ₦317.5 billion on the Nigerian Exchange (NGX) as sell-offs persisted, largely affecting stocks like Caverton and Aradel.
The NGX All-Share Index dropped by 524.04 basis points on Monday, closing at 96,907.98, reflecting a 0.54% decline. This extends last week’s bearish trend, during which the market suffered a significant hit, losing ₦1.22 trillion over five consecutive days of trading losses. The streak continued on Monday, marking six consecutive sessions of declines, with a cumulative loss of ₦1.54 trillion.
“Trading activities reflected a mixed sentiment,” noted analysts at Atlass Portfolios Limited. “Total volume traded increased by 37.68%, yet the total value of trades saw a 10.15% decline.”
The day saw 1,223.70 million units valued at ₦14,233.80 million traded across 10,386 deals. CONHALLPLC emerged as the most traded stock by volume, representing 46.38% of total shares traded, with UBA following at 19.69%, STERLINGNG at 10%, SOVRENINS at 4.86%, and ACCESSCORP at 2.14%. In terms of value, UBA took the lead, accounting for 51.21% of all trades on the NGX.
In a slight reprieve for investors, UBA and JOHNHOLT each posted a 10% price gain, topping the advancers’ chart, while EUNISELL rose by 9.96%. Other gainers included STERLINGNG (+5.96%), PZ (+4.55%), and JAIZBANK (+4.44%).
However, losses dominated, with Caverton experiencing a sharp 10% drop, closely followed by Aradel (-9.99%), OANDO (-9.98%), FTNCOCOA (-9.90%), and NEIMETH (-7.73%).
Market breadth remained negative with 29 losers and 17 gainers. Sectoral performance was mixed, with the Banking (+1.13%) and Consumer Goods (+0.21%) indices closing positive, largely due to investor interest in UBA and FLOURMILL. Meanwhile, declines in VERITASKAP (-9.86%) and OANDO adversely affected the Insurance (-0.75%) and Oil & Gas (-0.16%) indices.
The overall market capitalisation of the Nigerian Exchange fell to ₦58.72 trillion, down by ₦317.54 billion in Monday’s session alone, underscoring continued investor caution amidst the ongoing sell pressure.
