NGX Sheds N468.63bn as Banking, Industrial Stocks Weigh on Market
The Nigerian Exchange (NGX) ended Tuesday's trading session on a bearish note, with equity market capitalisation falling by N468.63 billion to settle at N163.530 trillion. The decline came despite significant liquidity in the market.
A total of 548,646,300 shares were exchanged in 47,203 deals. Although trading volume was high, losses in banking, industrial goods, and consumer goods counters dragged the key market indicators downward.
The NGX All-Share Index (ASI) lost 721.91 points, or 0.29 per cent, to close at 251,913.20 points, compared with Monday's close of 252,635.11 points. Market capitalisation also fell by 0.29 per cent from N163.999 trillion.
Trading volume dropped 46.42 per cent to 548.65 million shares from 1.024 billion shares, while total deals declined 23.45 per cent to 47,203 from 61,661.
NPF Microfinance Bank Plc (NPFMCRFBK) led the gainers, rising 10.00 per cent to N4.40 from N4. LivingTrust Mortgage Bank Plc (LIVINGTRUST) also gained 10.00 per cent to close at N2.86 from N2.60. Wapic Insurance Plc (WAPIC) climbed 9.95 per cent to N2.43 from N2.21, VFD Group Plc (VFDGROUP) added 9.84 per cent to N13.40 from N12.20, and ABC Transport Plc (ABCTRANS) advanced 9.82 per cent to N6.15 from N5.60.
On the losing side, Sovereign Trust Insurance Plc (SOVRENINS) fell 9.92 per cent to N2.36 from N2.62. Unilever Nigeria Plc (UNILEVER) dropped 8.55 per cent to N100.50 from N109.90. NEIMETH declined 6.02 per cent to N7.80 from N8.30, University Press Plc (UPL) shed 6 per cent to N4.70 from N5, and International Breweries Plc (INTBREW) lost 5.45 per cent to N9.55 from N10.10.
Market activity was largely driven by top-tier banking stocks. Guaranty Trust Holding Company Plc (GTCO) recorded the highest single-stock volume with 88.73 million shares traded. United Bank for Africa Plc (UBA) followed with 48.84 million shares, Fidelity Bank Plc with 45.64 million shares, Access Holdings Plc with 41.81 million shares, and Zenith Bank Plc with 34.21 million shares. In the ICT sector, Chams Holding Company Plc posted a significant volume of 29.69 million shares.
Across the trading boards, the Main Board accounted for the bulk of market volume with 396,997,715 shares in 28,945 deals. The Premium Board followed with 135,334,823 shares in 15,093 deals. The Growth Board recorded 8,017,942 shares in 1,256 deals, while the Non-Interest Finance Board traded 6,369,677 shares in 1,302 deals. The REITs and Close End Funds board posted 1,926,143 shares in 607 deals.
Sectoral performance was mostly negative. The NGX Banking Index declined 0.91 per cent to 2,727.81 points from 2,752.82 points, weighed down by pullbacks in GTCO (-3.28 per cent), Ecobank Transnational (-2.86 per cent), Access Corp (-2.51 per cent), and Zenith Bank (-1.03 per cent). The NGX Industrial Index fell 0.91 per cent to 10,372.27 points from 10,467.53 points, affected by price depreciation in BUA Cement (-3.10 per cent) and Cutix Plc (-4.17 per cent). The NGX Consumer Goods Index dropped 0.83 per cent to 4,056.52 points from 4,090.41 points, triggered by losses in Unilever (-8.55 per cent), International Breweries (-5.45 per cent), and Dangote Sugar Refinery (-1.43 per cent).
However, the NGX Insurance Index gained 0.38 per cent to close at 1,098.22 points from 1,094.10 points, supported by gains in Wapic Insurance (+9.95 per cent), AIICO Insurance (+3.95 per cent), and Fortis Global Insurance (+3.31 per cent). The NGX Growth Index rose 0.87 per cent to 27,266.77 points from 27,031.30 points, driven by Zichis Agro Allied (+3.75 per cent) and The Initiates Plc (+2.10 per cent). The NGX Oil & Gas Index closed nearly flat at 6,244.49 points, compared with 6,244.45 points on Monday, as gains in Eterna Plc (+2.92 per cent) and Japaul Gold (+4.35 per cent) offset a slight decline in Oando Plc (-1.00 per cent).
Market breadth closed negative, with 32 equities declining against 27 gainers.
Tuesday's session contrasts with Monday's performance, when trading activity saw a surge in liquidity. The total market capitalisation of listed equities had reached a record N163.999 trillion on Monday, up from N163.655 trillion in the previous session on September 25.
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