Nigerian Exchange shrinks as investors lose N478bn

Equities investors on the Nigerian Exchange Limited (NGX) lost N478 billion on Tuesday as persistent sell pressure extended the market’s bearish trend, dragging key performance indicators lower. The downturn followed losses recorded at the close of the previous month, when investors shed N1.81 trillion in market value, with the negative sentiment spilling into the new trading month. At the close of trading, the NGX All-Share Index (ASI) declined by 0.35 per cent to settle at 246,686.66 basis points, while market capitalisation fell by N478 billion to N158.21 trillion. Market analysts attributed part of the change in market capitalisation to the additional listing of shares by Fidson Healthcare. Despite the decline, the market maintained a year-to-date return of 58.53 per cent, reflecting the strong gains recorded earlier in the year. Trading activity also weakened significantly, with investors showing reduced participation across key metrics. Total deals dropped by 21.98 per cent to 71,683 transactions, while trading volume fell by 36.26 per cent to 718.77 million shares. The value of traded equities also declined by 33.82 per cent to N29.31 billion. Market breadth remained negative, with 37 stocks closing lower against 14 gainers, indicating widespread profit-taking across sectors. Among the gainers, International Energy Insurance (INTENEGINS), Trans-Nationwide Express (TRANSEXPR), Neimeth International Pharmaceuticals (NEIMETH), LivingTrust Mortgage Bank (LIVINGTRUST), and Abbey Mortgage Bank (ABBEYBDS) posted notable gains. On the losers’ chart, Computer Warehouse Group (CWG), PZ Cussons Nigeria (PZ), Associated Bus Company (ABCTRANS), Wema Bank (WEMABANK), and Sovereign Trust Insurance (SOVRENINS) recorded the steepest declines. Sectoral performance was largely bearish as the Banking Index led the losses with a decline of 1.63 per cent. The Insurance Index fell by 0.44 per cent, while the Consumer Goods and Oil and Gas indices shed 0.50 per cent and 0.04 per cent respectively. The Industrial Goods and Commodity indices closed flat, recording no change during the trading session.