Investors See N111bn Wiped Off Equities Market as NGX Index Slips 

Samuel Mobolaji

Equities investors saw N111 billion wiped off the market on the first trading of the week, as the NGX All-Share Index (ASI) dropped by 24 basis points to close at 96,205.84 points.

The decline, driven by major losses in TRANSPOWER (-9.99 per cent), ZENITHBANK (-1.33 per cent), and ACCESSCORP (-1.33 per cent), pushed the year-to-date return down to 28.66 per cent.

Market capitalization also fell to N55.28 trillion, marking a significant reversal from the prior, while the year-to-date (YTD) return now stands at 28.66 per cent, signaling a slowdown in market momentum.

Despite this dip, some stocks posted strong performances. OANDO surged by 9.95 per cent, while FBNH recorded an impressive 8.84 per cent gain, helping to offset broader losses.

STANBIC, also, managed to inch up by 0.17 per cent, providing some balance in an otherwise bearish session.

Market activity was robust, with trade turnover seeing a 21.82 per cent uptick from the previous session.

Consequently, a total of 774.38 million shares were traded, valued at N14.65 billion across 10,412 deals. JAIZBANK (+3.18 per cent) led in volume with 247.04 million shares traded, while ZENITHBANK topped the value chart, posting transactions worth N6.42 billion.

Despite the index’s decline, market breadth remained positive, with a ratio of 1.68-to-1 in favor of advancing stocks. ETERNA (+10.00 per cent) topped the gainers’ chart among 31 advancing stocks, while JBERGER (-10.00 per cent) led the 18 stocks that closed in the red.

Investors will be watching closely to see if this market slide continues or if stronger sectors can rally in the coming days.