The Nigerian Exchange (NGX) closed Tuesday, April 29th, on a bearish note as investors cashed out profits from major stocks like MTN Nigeria, Livestock Feeds, and Multiverse Mining. This round of sell-offs led to a sharp ₦116 billion drop in market capitalization, dragging it from ₦66.70 trillion to ₦66.59 trillion. The benchmark All-Share Index also slipped by 0.17%, settling at 97,978.02 points.
Despite the overall negative performance, trading activity spiked significantly. Volume surged by 66.01% with 666.51 million shares traded, up from Monday’s 401.52 million. The value of trades more than doubled, climbing 191.08% to ₦35.27 billion, indicating that while sentiment was cautious, investor participation remained strong across 16,619 deals.
Fidelity Bank dominated the volume chart with over 285 million shares exchanged, while Access Holdings and Transcorp followed behind. On the value side, Nigerian Breweries led with trades worth ₦17.33 billion, ahead of Fidelity Bank and Access Holdings, reflecting continued interest in top-tier stocks despite the sell-off.
Looking at sector performance, the Banking and Insurance sectors managed modest gains, while Oil and Gas, along with Consumer Goods, posted marginal losses. Industrial Goods stayed flat. This mixed sectoral outcome hints at a market still reacting to recent earnings releases and broader economic indicators.
In terms of individual stock performance, Legend Internet Technologies, Cadbury, and ABC Transport led the gainers with 10% increases. On the flip side, Livestock Feeds took the hardest hit with a 10% decline. A total of 33 stocks gained, 18 fell, and 74 remained unchanged, highlighting the cautious yet active stance many investors are maintaining amid economic uncertainty.
Source: Punch