NGX All-Share Index (ASI) depreciated by 1.17%

The Nigerian equities market closed Tuesday’s session on a bearish note, as the NGX All-Share Index (ASI) depreciated by 1.17% to close at 244,802.11 points, while market capitalisation declined by 1.17% to close at N158.72trn.

Equities investors lost about N1.88 trillion as sell pressure in MTN Nigeria, First Holdco, and other decliners dragged the Nigerian Exchange (NGX) All-Share Index (ASI) lower on Tuesday.

The downturn, led by losses in the Banking sector, was driven by renewed profit-taking in recently appreciated medium- and large-cap stocks,

Decliners include ACCESSCORP, MTNN, GTCO, FIRSTHOLDCO, OANDO, among others. The NGX market index fell by -2,897.67 basis points to close at 244,802.11.

Market capitalisation also declined by ₦1,878.71 billion, closing at ₦158.72 trillion. Total volume of all trades and the total transaction value increased by +84.67% and +2.09%, respectively.

Stockbrokers said approximately 753.17 million units, valued at ₦27,823.05 million, were transacted in 54,051 deals. NEM Insurance topped volume, accounting for 17.63% of all units transacted in the market, followed by MBENEFIT (11.80%), STERLINGNG (5.47%), ACCESSCORP (4.94%), and CONHALLPLC (4.75%).

On the value chart, NEM Insurance also led the pack, accounting for 14.67% of the total transaction value of trades executed on the local bourse, thereby making it the highest traded on the exchange.

ELLAHLAKES topped the gainers chart, up by +7.07%, then trailed by NGXGROUP (+1.38%), LEARNAFRCA (+1.16%), and WEMABANK (+0.68%).

Trading activity strengthened during the session, with total volume traded advancing by 84.67% to 753.18mn units, while transaction value increased by 2.09% to N27.82bn. NEM (-5.50%) led both the volume and value charts, with 131.73mn units traded and N4.07bn worth of trades.

Market breadth was negative at 0.05x, reflecting a higher number of losers relative to gainers, as sixty-five (65) stocks declined against four (4) advancers. ABBEYBANK (-9.74%) emerged as the session’s top decliner, while ELLAHLAKES (+7.07%) led the gainers’ chart.

Meanwhile after six companies added 14.44 billion new shares worth N37.19 billion to the NGX last week, the value of stock market has climbed back above the N160 trillion mark. 

The NGX All-Share Index rose 0.29% on Monday to 247,699.78 points, while total market capitalization increased by N1.04 trillion to N160.60 trillion. 

The market is now close to reclaiming the record levels reached on August 10, when the All-Share Index closed at 248,529.75 points. It has recovered more than N5 trillion lost during the sharp correction that followed that peak. 

The latest move was supported by strong performances from some of the exchange’s heavyweight stocks. Aradel Holdings gained 5.38%, while MTN Nigeria rose 2.45%, helping drive the Oil & Gas and broader market indices higher.
 
The Oil & Gas Index was the day’s biggest sectoral winner, climbing 5.90%, followed by the Commodity Index, which gained 4.04%. 

But beneath the headline numbers, the recovery was far from broad-based. Only 12 stocks gained, compared with 43 decliners, while trading volume fell 81.81% to 407.85 million shares.

This suggests that the market’s return to N160 trillion was driven largely by a handful of large-cap stocks rather than widespread buying. 

Banking heavyweights also remained under pressure, with UBA, Zenith Bank, Access Holdings and GTCO all recording declines.
 
The market’s capitalization was also boosted by the listing of 8.09 billion new Dangote Sugar shares, highlighting an important distinction: a rise in market capitalization does not necessarily mean investors broadly pushed share prices higher.