The Nigerian Exchange Limited (NGX) experienced another decline on Monday, shedding N8 billion as market sentiment remained negative. The benchmark All-Share Index (ASI) dropped by 155.96 points, or 0.15%, closing at 105,799.17 points. This downturn resulted in a decrease in market capitalization, which now stands at N66.3 trillion. Despite the losses, the ASI still maintains a year-to-date gain of 2.79%.
Investor sentiment was largely driven by sustained sell-offs, with 35 stocks recording losses compared to 18 gainers. Leading the losers’ chart was E-Tranzact International, which fell by 10% to close at N5.85 per share. Other notable decliners included Sunu Assurances Nigeria, Prestige Assurance Company, and Sovereign Trust Insurance, all of which saw significant drops in their share prices.
On the positive side, a few stocks managed to post gains. Academy Press led with a 9.92% increase, closing at N2.88 per share, while Neimeth International Pharmaceuticals rose by 8.43%. Tantalizers and Dangote Sugar Refinery also saw gains of 6.83% and 4.71%, respectively, providing some relief in the otherwise bearish market.
In total, the market recorded 477.5 million shares traded in 13,520 deals, with a turnover of N7.05 billion. This represented a decline of 36% in both volume and value compared to the previous trading session. Banking stocks dominated the day’s trading, with Jaiz Bank being the most traded stock, followed by Zenith Bank and others. Sectoral indices also saw negative performances, with declines across major indices, including the Premium and Oil & Gas indices. Despite this, the Industrial Index remained flat, showing a 1.12% year-to-date gain.
Source: punch