NGX Market Capitalisation Drops by N1.6 Trillion as Blue-Chip Selloff Hits Nigerian Stock Market

The Nigerian equities market ended trading on a negative note as investors pulled out of major stocks, wiping out about N1.6 trillion in market capitalisation. The downturn reflected sustained sell pressure across several high-value companies listed on the Nigerian Exchange (NGX).

According to data from the NGX, market capitalisation fell to N159.66 trillion, down from N161.28 trillion in the previous session. The decline was mirrored in the All-Share Index (ASI), which dropped to 249,062.37 points from 251,635.42 points, signalling a broad-based market pullback.

The slump was largely driven by profit-taking in blue-chip stocks, with heavyweights leading the decline. BUA Cement topped the losers’ chart, falling by 10% to close at N414, while CAP Plc lost 9.99% to settle at N210.35. Other notable decliners included eTranzact International, International Breweries, and First HoldCo, all recording significant losses as investors locked in gains.

Sector performance also reflected the bearish sentiment, as key indices closed lower across the board. The NGX Banking Index, Industrial Index, and Consumer Goods Index all slipped, showing widespread weakness in investor appetite. Despite this, some mid- and small-cap stocks managed to post gains, with names like Zichis Agro-Allied Industries, ABC Transport, Japaul Gold, and LivingTrust Mortgage Bank attracting selective buying interest.

Market analysts say the outlook remains mixed in the short term, with attention shifting toward earnings reports and macroeconomic signals. According to Investdata Consulting’s Chief Research Officer, Ambrose Omordion, investors are expected to closely monitor corporate results, dividend announcements, and sector trends, while banking and industrial stocks may continue to see active trading due to their strong fundamentals.

source: The Guardian