NGX Opens Week Bearish as Market Capitalisation Drops 1.13% on Heavy Sell Pressure

The Nigerian Exchange Limited (NGX) began the new trading week on a negative note as investors recorded widespread losses across key equities. The bearish start reflected renewed profit-taking and cautious sentiment following recent market gains, with trading activity tilting heavily toward sell-offs.

Market data showed that the total market capitalisation declined to ₦158.70 trillion, down from ₦160.51 trillion recorded at the end of last week. This represents a 1.13% drop, signaling weakening investor confidence as the market opened under pressure.

The All-Share Index (ASI) also mirrored the downturn, falling to 247,560.66 points from 250,385.47 points. Intraday movement highlighted fragile sentiment, with the index fluctuating between its high of 251,125.02 points and low of 247,560.66 points, underscoring a weak and uncertain start to the week.

Despite the broad decline, a few stocks managed to shine. International Energy Insurance led gainers with a 9.96% rise, followed closely by Consolidated Hallmark, Tripple Gee & Company, RT Briscoe, and Ikeja Hotel, all posting strong upward movements. However, losers dominated the session, with BUA Cement leading the pack after shedding 10%, alongside declines in TransNationwide Express, John Holt, Red Star Express, and Deap Capital Management.

Exchange-Traded Funds (ETFs) also reflected mixed performance, with gains in Meristem Growth and Value ETFs, while others like SIAMLETF40 and NewGold recorded losses. Analysts suggest the market may remain volatile in the near term, as investors balance bargain-hunting opportunities in strong fundamentals against macroeconomic pressures such as the Central Bank of Nigeria’s 26.50% Monetary Policy Rate.

source: newtelegraph