Equities investors lose N883bn as NGX extends losing streak

Equities investors lost about N883 billion on the Nigerian Exchange (NGX) on Friday as sustained profit-taking across major stocks dragged the market lower for the second consecutive session.

The Nigerian Exchange All-Share Index (ASI) declined by 0.61 per cent to close at 224,321.97 points, while market capitalisation fell by the same margin to N143.95 trillion. Consequently, the market’s year-to-date return moderated to 44.15 per cent.

The bearish performance was driven by sharp losses in INTENEGINS (-9.84 per cent), MCNICHOLS (-9.80 per cent) and TIP (-9.79 per cent), which outweighed gains recorded by AUSTINLAZ (+10.00 per cent), LEARNAFRICA (+10.00 per cent) and DAARCOMM (+9.49 per cent).

Despite the market decline, trading activity strengthened significantly as investors exchanged 855.40 million shares, representing a 75.24 per cent increase from the previous session. The value of transactions more than doubled, rising 103.59 per cent to N28.42 billion, reflecting continued investor participation despite the negative sentiment.

STERLING emerged as the most actively traded stock by volume, accounting for 459.59 million shares, while ARADEL led the value chart with transactions worth N4.51 billion.

Market sentiment remained weak, with losers overwhelmingly outnumbering gainers. A total of 34 stocks closed lower against 13 gainers, resulting in a negative market breadth of 0.38x. GUINEAINS topped the losers’ chart with a 10.00 per cent decline, while AUSTINLAZ led the gainers after appreciating by 10.00 per cent.

Meanwhile, the NASD Over-the-Counter (OTC) market also closed in negative territory. The NASD Security Index (NSI) fell by 0.46 per cent to 4,248.46 points, while market capitalisation declined to N2.55 trillion, reducing the market’s year-to-date return to 19.89 per cent.

Trading on the NASD market was mixed, with transaction volume rising 92.23 per cent to 440,653 shares, while the value of trades declined 51.44 per cent to N10.46 million across 32 deals.

On the performance chart, SDMASSTCOM recorded the day’s steepest loss, shedding 12.50 per cent, while no security closed in positive territory.