The Nigerian Exchange (NGX) closed on a bearish note on Thursday, August 28, as the All-Share Index (ASI) slipped by 691.52 points to settle at 140,557.24. This represents a 0.49% decline from the previous day’s 141,248.80, pulling market capitalization back below the N89 trillion threshold to N88.9 trillion. Despite the negative performance, investor activity remained strong, with higher trading volumes recorded across sectors.
Market turnover rose significantly, with 885 million shares traded compared to 682 million shares in the previous session. CHAMPION Breweries led the activity chart with 201 million shares, followed by ACCESSCORP with 102 million shares, while GTCO, STERLINGNG, and FIRSTHOLDCO completed the top five most-traded stocks by volume. In terms of value, GTCO led with N8.8 billion worth of transactions, trailed by ARADEL with N3.5 billion and CHAMPION with N3.4 billion.
On the gainers’ table, SCOA emerged the top performer, appreciating by 10% to close at N6.05 per share. RTBRISCOE followed closely, advancing by 9.80% to N3.36. Other notable gainers included NEM Insurance, NGXGROUP, and MCNICHOLS. Conversely, INTENEGINS topped the losers’ list with a 9.62% dip, while OMATEK, ELLAHLAKES, ROYALEX, and SUNUASSUR also posted steep declines.
Heavyweight stocks showed mixed performances. DANGCEM gained 0.04%, but other large-cap counters such as INTBREW, LAFARGE, NESTLE, and FIDELITYBK closed in the red. Among the tier-1 banking stocks (FUGAZ), the market sentiment was largely bearish as GTCO shed 3.11%, ZENITHBANK dropped 1.29%, UBA lost 1.41%, and ACCESSCORP declined by 0.74%. FIRSTHOLDCO was the only gainer in the group, rising by 0.15%.
Looking ahead, analysts warn that the ASI may slip further below the 140,000 mark if bearish pressure on large-cap stocks persists. While the market remains up 36.56% year-to-date, profit-taking and weak investor sentiment in blue-chip equities could continue to weigh on short-term performance.
Source: Nairametrics