NGX extends losses by 0.35% as banking, consumer goods stocks drag market down
By Aboki Forex —
The Nigerian Exchange (NGX) Limited extended its bearish run on Tuesday, with the All-Share Index falling by 0.35% as sustained selling pressure hit major sectors.
The banking index led the decline, dropping 1.63%. The consumer goods index fell 0.50%, while the insurance index slipped 0.44%. The energy index edged down 0.04%. The industrial goods index closed flat.
At the close of trading, the All-Share Index lost 874.00 points to settle at 246,686.66 points, down from 247,560.66 points in the previous session. Market capitalisation shed N479 billion to close at N158.219 trillion.
Market breadth was negative, with 18 stocks advancing and 35 declining. Top gainers included CWG Plc, which rose by N1.95 to N5.46 per share (+9.86%), and Trans-Nationwide Express Plc, which gained N0.34 to N5.10 per share (+7.14%). Neimeth International Pharmaceuticals Plc added N0.70 to N11.00 per share (+6.80%).
On the losing side, PZ Cussons Nigeria Plc dropped by N9.80 to N88.20 per share (-10.00%). CWG Plc fell by N2.40 to N21.60 per share (-10.00%). ABC Transport Plc declined by N0.76 to N6.88 per share (-9.95%). Wema Bank Plc lost N3.00 to N30.00 per share (-9.09%). Sovereign Trust Insurance Plc decreased by N0.24 to N2.70 per share (-8.16%).
Trading activity weakened significantly. Investors traded 718.8 million shares worth N29.3 billion in 71,683 deals. This compares with 1.1 billion shares worth N44.3 billion in the previous session. Volume dropped 34.66%, value fell 33.86%, and deals declined 21.98%.
Access Holdings Plc was the most traded stock, with 113.1 million shares valued at N2.7 billion. Zenith Bank Plc followed with 38.1 million shares worth N4.8 billion. Consolidated Hallmark Holdings Plc traded 35.4 million shares valued at N243.4 million.