NGX Index Dips as Investors Lose N73.93bn

Samuel Mobolaji

The NGX All-Share Index (ASI) ended its three-day winning streak with a decline of 11bps, closing at 105,475.38 points. Market capitalisation also dropped by N73.93 billion to N66.14 trillion.

Despite the dip in the benchmark index, investor activity saw a significant surge, with trading volume and transaction value reaching notable highs.

The total traded volume skyrocketed by 1,548.98 per cent, reaching 5.76 billion units, while the total transaction value surged by 2,172.65 per cent to N342.61 billion. These figures suggest heightened investor engagement, despite the overall market decline. However, the number of deals fell by 12.39 per cent, closing at 10,908 transactions, pointing to a slowdown in market participation. Still, market breadth remained strong at 1.38, with gainers outnumbering losers.

The Industrial Goods Index led the market in both volume and value traded. WAPCO played a significant role, contributing 4.47 billion units in volume and N330.15 billion in value, making it the driving force behind the sector’s performance.

Meanwhile, the NASD OTC Securities Exchange also experienced a decline, with the NASD Securities Index (NSI) dropping by 0.75 per cent to 3,315.2 points, and market capitalisation also falling by 0.75 per cent to N1.91 trillion.

Despite the dip in the index, market activity surged, with trading volume jumping by 78.22 per cent to 30,026 units, and value increasing by 15.59 per cent. The number of deals spiked by 225 per cent, reflecting increased investor participation.

SDOKITIPUPA (-10.00%) led the losers’ chart, closing at N256.50, putting downward pressure on the overall index, with no gainers recorded.

In summary, while both the NGX and NASD markets saw declines in their respective indices, the surge in trading activity indicates strong investor involvement, even amidst the market pullback.