The Nigerian Exchange Limited (NGX) extended its recent losing streak on Thursday as continued selling pressure pushed the market lower, wiping about N613.08bn off total equity market capitalisation. The All-Share Index fell by 949.71 points, representing a 0.39 per cent decline, to close at 243,017.38 points, compared with 243,967.09 points recorded in the previous session.
The market downturn was reflected across several major sectors, showing that the bearish sentiment was not limited to a particular group of stocks. The NGX Main-Board Index dropped to 10,939.43, while the NGX 30 Index declined to 8,907.98. Banking, insurance, consumer goods and industrial stocks also recorded losses, with the NGX Banking Index falling to 2,553.87 and the Insurance Index settling at 1,145.85. By the close of trading, decliners clearly outnumbered gainers, reinforcing the cautious mood among investors.
Despite the broader market weakness, some stocks managed to attract buying interest. International Energy Insurance Plc emerged as the day’s biggest gainer, rising 10 per cent to N4.84. John Holt Plc followed with a 9.89 per cent increase to N10.00, while Trans-Nationwide Express Plc gained 9.75 per cent to N2.59. SUNU Assurances Nigeria Plc and NEM Insurance Plc also posted strong gains of 8.48 per cent and 6.25 per cent respectively.
On the losing side, Unilever Nigeria Plc suffered the sharpest decline, dropping 9.97 per cent to N118.30. Chellarams Plc fell 9.66 per cent to N10.75, while Chapel Hill Denham NIDF declined 9.55 per cent to N147.70. DAAR Communications Plc and Cornerstone Insurance Plc also recorded significant losses. Among major banking stocks, UBA and Ecobank Transnational gained ground, while Zenith Bank and Access Holdings ended lower.
Trading activity remained substantial despite the market’s negative performance, with 4.24 billion shares exchanged in 41,389 transactions. Exchange Traded Products recorded 746 trades involving 307,433 units, while the Non-Interest Finance Board recorded 14 trades involving 73,094 units, largely driven by FG Sukuk instruments. With broad-based declines continuing to weigh on the NGX, investors will be watching the next trading sessions closely for signs of renewed buying interest or further pressure on equities.
source: punch
