NGX Market Slips Further as Bearish Sentiment Deepens, Investors Lose N580 Billion

The Nigerian Exchange (NGX) continued its downward trend as bearish sentiment strengthened on Thursday, with more stocks closing in the red than in the green. The persistent selling pressure dragged the overall market performance lower, reflecting cautious investor behaviour across key sectors.

The All-Share Index (ASI) fell by 0.37% to close at 242,227.31 points, down from the previous session’s 243,132.61 points. In the same vein, market capitalisation dropped significantly to N155.36 trillion, marking a loss of about N580 billion in investor wealth within a single trading day.

Market activity showed a negative breadth, with 30 equities recording price declines compared to 25 gainers. Despite the broader downturn, a few stocks still managed to post strong gains. International Energy Insurance led the advancers with a 10% rise, followed by Omatek Ventures and Abbey Mortgage Bank, which also recorded notable upticks, signalling selective buying interest.

On the losing side, McNichols Plc topped the decliners with a 10% drop, while ABC Transport and Eterna Plc also suffered sharp losses. Heavyweight stocks such as Aradel Holdings contributed significantly to the market’s downturn, shedding nearly 10% and exerting additional pressure on overall performance. Other major names, including Transcorp, Stanbic IBTC, and Wema Bank, also closed lower.

Sectoral performance mirrored the weak sentiment, with the Oil & Gas and Industrial indices leading the decline. The Banking Index showed slight resilience, but overall market indicators remained subdued. Exchange-traded funds also reflected cautious trading, with only a handful of instruments posting meaningful gains as investors remained risk-averse.

source: newtelegraph