NGX Market Value Drops by N30bn as Delisting Impacts Stocks

Samuel Mobolaji

The Nigerian stock market lost N30.44 billion in value on Thursday as the Nigerian Exchange (NGX) delisted several inactive companies, triggering a decline in key market indicators.

The NGX All-Share Index edged down by 0.02 per cent, shedding 21.90 basis points to close at 105,525.26, while market capitalisation fell by 0.05 per cent to N66.16 trillion. The downturn followed the removal of Capital Oil Plc, Goldlink Insurance Plc, and Medview Airline Plc from the trading platform.

According to market analysts at Atlass Portfolios Limited, beyond the delisting, profit-taking in major stocks contributed to the market’s negative performance. Trading activity also weakened, with total transaction volume declining by 9.35 per cent and total value traded dropping by 27.24 per cent to N8.74 billion across 13,667 deals.

UNIVINSURE led trading in volume, accounting for 12.54 per cent of total transactions, followed by ZENITHBANK (8.80%), ROYALEX (8.55%), UBA (8.55%), and FIDELITYBK (7.69%). In value terms, GTCO was the most traded stock, representing 20.52 per cent of total market turnover.

Despite the decline, AFRIPRUD led gainers with a 9.76 per cent price increase, followed by GUINEAINS (+9.52%), DAARCOMM (+8.33%), and MANSARD (+7.87%). However, LIVESTOCK topped the losers’ chart with a 10.00 per cent decline, alongside PZ (-9.97%), CHAMPION (-7.82%), and FIRSTHOLDCO (-4.58%).

Sectoral performance was largely bearish, with the Consumer Goods (-0.66%), Banking (-0.36%), Industrial Goods (-0.23%), and Oil and Gas (-0.19%) indices closing negative, while the Insurance index (+1.70%) was the sole gainer, driven by interest in MANSARD (+7.87%).

At the close of trading, market breadth remained negative, with 20 gainers and 32 decliners. Month-to-date and year-to-date returns stood at -0.1 per cent and +2.5 per cent, respectively.