Equities Market Dips 0.04% as Investors Lose N21.1bn

Samuel Mobolaji

The Nigerian Exchange (NGX) recorded a slight dip in trading today as the All-Share Index (ASI) declined by 0.04 per cent to close at 98,023.23 points.

Losses in key stocks, particularly MTN Nigeria (-4.84%), FBN Holdings (-0.75%), and JAIZ Bank (-10.00%), overshadowed gains from GTCO (+5.34%), Zenith Bank (+1.28%), and UBA (+1.18%), pushing the market into negative territory.

Consequently, the ASI’s year-to-date (YTD) return decreased to 31.09 per cent, and the market capitalisation shed N21.11 billion, settling at N59.40 trillion.

Despite the market dip, trading activity surged, with a 71.43 per cent increase in turnover compared to the previous session. Investors exchanged 538.96 million shares valued at N15.30 billion across 10,028 deals.

JAIZ Bank led in trading volume with 106.68 million shares, while MTN Nigeria led the value chart with transactions worth N5.39 billion.

The market breadth was positive, closing at a 1.41-to-1 ratio, as 31 stocks advanced against 22 decliners. SKYAVN (+10.00%) led the gainers’ list, while JAIZ Bank (-10.00%) was the biggest laggard.

This trend underscores a balancing act in the market as investors navigate between high-performing financial stocks and declines in others, with market sentiment remaining cautious amid fluctuating stock performances.