Equities market loses N140bn as Fidelity, First HoldCo lead wee..

Nigerian equities investors lost about N140 billion in market value on Monday as renewed sell-offs in Fidelity Bank, First HoldCo and UBA pushed the NGX All-Share Index down 0.11 per cent to 239,085.17 points, extending the market’s recent weakness.

Market capitalisation declined 0.09 per cent to N154.40 trillion, while the market’s year-to-date return moderated to 53.64 per cent, from 53.81 per cent at the previous close.

The latest decline was driven mainly by losses in Fidelity Bank, First HoldCo and UBA, which fell 6.00 per cent, 1.58 per cent and 1.44 per cent, respectively.

Their losses outweighed gains in AccessCorp, up 1.85 per cent, GTCO, which rose 0.55 per cent, and Dangote Sugar, up 0.15 per cent.

Market breadth remained weak at 0.58x, with 33 stocks declining against 19 gainers, highlighting the dominance of selling pressure across the bourse.

International Energy Insurance recorded the biggest decline, falling 9.82 per cent, while Red Star Express led the gainers with a 9.86 per cent increase.

Trading activity was mixed as investors exchanged more shares but generated significantly lower turnover.

Total traded volume increased 60.49 per cent to 668.72 million units, while transaction value fell 33.13 per cent to N23.83 billion.

UBA led trading volume with 89.63 million shares, while First HoldCo accounted for the highest transaction value at N7.90 billion.

The combination of increased volume and lower transaction value suggests that activity was concentrated in lower-priced counters while investors remained cautious on major stocks.

The latest session extends the recent correction in the equities market after the benchmark index reached 248,529.75 points on August 10, with investors continuing to lock in gains from the earlier rally.

The weakness in domestic equities contrasted with a stronger performance on the NASD Over-the-Counter market.

The NASD Securities Index rose 0.65 per cent to 4,289.55 points, while market capitalisation increased to N2.56 trillion and its year-to-date return improved to 21.05 per cent.

Trading volume on the OTC market surged 472.98 per cent to 1.87 million units, although transaction value declined 77.58 per cent to N10.93 million across 54 trades.

SDUBNPROP rose 9.09 per cent to lead gainers, while SDIGIPLC fell 7.84 per cent and was the weakest performer among the three decliners.

In the foreign exchange market, the naira also weakened marginally, with the Nigerian Foreign Exchange Market depreciating 0.04 per cent to N1,346.98/$.

In the oil market, crude prices declined as investors took profits after recent gains while awaiting details of new US sanctions on Iran. The expected measures could place further pressure on Iranian exports and keep global supply risks elevated.

Investors also continued to monitor the US-Iran standoff, including reduced shipping activity through the Strait of Hormuz and stalled diplomatic efforts.

The latest NGX session shows that although liquidity remains available, investors are still favouring selective positioning rather than broad-based buying.

For the market, the immediate challenge is to find a floor after the recent correction, with earnings, valuations and fresh buying interest likely to determine whether the sell-off broadens further or begins to stabilise.