The Nigerian Exchange (NGX) saw a decline in market capitalisation, dropping to N65.8 trillion as the All-Share Index fell by 0.05% at the close of trading on Thursday. This decline highlights a weaker investor sentiment in the equities market, with a significant decrease in trading activity. The total market value of shares traded was N6.24 billion, which reflects a 77% drop in trade volume, a 50% decline in turnover, and a 15% fall in the number of deals compared to the previous trading session.
A total of 124 stocks participated in the market, with 14 stocks recording gains and 28 equities closing lower. Among the top gainers were Computer Warehouse Group, which gained 9.64%, and Veritas Kapital Assurance, which appreciated by 8.41%. On the other hand, Livestock Feeds led the losers with a 9.57% drop, followed by Royal Exchange and Custodian & Allied, which lost 8.24% and 6.98%, respectively.
Fidelity Bank emerged as the most traded stock, with 40 million shares changing hands, followed by Veritas Kapital Assurance with 37.2 million shares. Other active stocks included Nigerian Breweries and Zenith Bank, with 27 million and 22.9 million shares traded, respectively. Despite mixed performances from key indices, market sentiment remained bearish, reflected in declines in several sector indices, including the Insurance, Industrial, and Oil & Gas sectors.
The Nigerian Exchange’s performance continued to show negative trends, with the Top 30 Index and the Consumer Goods Index recording losses over the week. While some indices saw slight gains, the overall market sentiment remained weak, and the NGX extended its losing streak from the previous trading session, shedding N289 billion in market value.
source: punch