The Nigerian Exchange Limited (NGX) started the week on a cautious note as continued selling pressure pushed the equities market lower on Monday, wiping N106.24bn from its total market value. The All-Share Index fell by 0.07 per cent to 242,454.65 points, compared with 242,619.20 points recorded at the close of trading on Friday. As a result, equity market capitalisation slipped from N156.62tn to N156.52tn, highlighting the lingering weakness among investors.
The market’s performance reflected a broadly subdued mood across several major sectors. The NGX Main-Board Index dropped to 10,910.62 points, while the NGX 30 Index declined to 8,890.47 points and the NGX Premium Index eased to 28,662.38 points. Banking and insurance stocks also came under pressure, with the NGX Banking Index closing at 2,536.29 points and the NGX Insurance Index settling at 1,112.05 points. The Industrial Index, however, remained almost unchanged at 10,378.76 points.
Not every part of the market ended in the red, as consumer-focused stocks provided a measure of support. The NGX Consumer Goods Index climbed from 4,037.91 points to 4,055.29 points, while the NGX Sovereign Bond Index also edged higher to 670.82 points. Trading activity remained strong despite the market decline, with investors exchanging 1.33 billion shares across 45,439 deals. The Main Board accounted for the bulk of the activity, recording 1.24 billion shares traded in 25,549 transactions.
Some stocks attracted significant attention during the session, particularly LASACO Assurance Plc, which recorded 730.69 million shares in volume. Consolidated Hallmark Holdings Plc followed with 154.26 million shares, while Cornerstone Insurance Plc recorded 106.11 million shares. Among the strongest gainers, Trans-Nationwide Express Plc jumped 9.86 per cent to N3.12 per share, while AVA Capital Plc rose 9.72 per cent to N7.90. Thomas Wyatt Nigeria Plc gained 9.09 per cent to N3.00, while Dangote Sugar Refinery Plc advanced 8.60 per cent to N70.10.
However, the gains were offset by sharp declines in several other stocks as investors continued to lock in profits and reduce exposure to selected equities. RT Briscoe Plc and Fortis Global Insurance Plc each fell by almost 10 per cent, closing at N10.45 and N2.37 respectively. NEM Insurance Plc declined by 8.83 per cent to N30.45, while Cutix Plc lost 6.53 per cent to close at N2.29. With the market closing lower and several key indices retreating, investor sentiment remains cautious as traders watch for stronger signals that could help the NGX regain momentum.
source: punch
