NGX opens June on a bearish note as investors lose N1.8trn

The Nigerian stock market began the month of June on a bearish note, with investors losing an estimated N1.81 trillion in a single trading session as widespread profit-taking swept across the Nigerian Exchange (NGX). After months of impressive gains that pushed the market to record levels, many investors chose to cash in on their profits, triggering a broad sell-off across key sectors. As a result, the NGX All-Share Index (ASI) fell by 1.13 percent to close at 247,560.66 points, while the market capitalization declined to N158.7 trillion. The downturn also affected the market’s year-to-date performance, although it remained strongly positive at 59.09 percent, reflecting the remarkable rally recorded earlier in the year. Market sentiment remained largely negative as declining stocks significantly outnumbered gainers. A total of 37 stocks closed lower compared to 23 that advanced. Among the hardest-hit equities were BUA Cement, Trans-Nationwide Express, John Holt, Red Star Express, and Deap Capital Management & Trust. Despite the overall weakness, a handful of stocks bucked the trend. International Energy Insurance, Consolidated Hallmark Holdings, Tripple Gee & Company, RT Briscoe, and Ikeja Hotel emerged among the session’s top performers, posting notable gains. Sector performance painted a mixed picture. Insurance and Consumer Goods stocks managed to stay in positive territory, recording modest gains of 0.79 percent and 0.02 percent respectively. However, losses in Industrial Goods, Banking, and Oil & Gas stocks weighed heavily on the broader market. The Industrial Goods sector suffered the sharpest decline, dropping 3.85 percent. Trading activity was equally mixed. While the total volume of shares traded fell by 6.38 percent to 1.13 billion units and the number of deals declined to 91,880 transactions, the value of trades increased slightly by 1.96 percent to ₦44.28 billion.