Investors Lose ₦274bn as Profit-Taking Hits Nigerian Exchange
The Nigerian Exchange (NGX) witnessed significant selling pressure on Thursday as market participants engaged in widespread profit-taking, resulting in substantial losses for equity investors totalling approximately ₦274 billion.
Trading activities reflected bearish sentiment as several prominent stocks experienced notable declines. TRANSCORP shares fell by 4.4%, FIDELITYBK recorded a 7.0% drop, and DANGSUGAR declined by 5.9%, contributing to the overall market weakness.
The benchmark All-Share Index contracted by 0.4%, closing at 109,183.02 points. This adjustment brings the month-to-date performance to a positive 3.2%, while year-to-date returns remain at 6.1%.
The selling pressure stemmed largely from investor caution following the Central Bank of Nigeria’s latest monetary policy decisions regarding interest rates. This prompted many market participants to reassess their equity positions, increasing selling activity across multiple sectors.
Trading metrics showed the All-Share Index dropping 435.17 basis points to settle at 109,183.93 points, representing a 0.40% decline from the previous session.
Despite the price declines, market participation surged significantly. Total trading volume jumped 146.39%, while the value of transactions increased by 45.33% compared to the previous session.
According to market data from Atlass Portfolios Limited, investors traded approximately 1,636.41 million shares worth ₦18,886.88 million across 25,927 transactions.
Top traded stocks by volume:
- FIDELITYBK dominated trading activity, representing 18.46% of total volume
- JAPAULGOLD captured 10.97% of trading volume
- UBA accounted for 8.16% of shares traded
- TANTALIZER contributed 5.84% to the total volume
- FCMB rounded out the top five with 5.65%
FIDELITYBK also led in value terms, accounting for 13.33% of the total naira value of trades executed.
Top gainers:
REDSTAREX led the advancing stocks with a 9.91% price increase. Other notable performers included:
- RTBRISCOE: +9.57%
- SOVRENINS: +9.38%
- CUSTODIAN: +9.00%
- ETRANSACT: +7.94%
- FCMB: +6.45%
Sixteen additional stocks recorded positive price movements during the session.
Top losers:
Thirty-three stocks experienced price depreciation, with CHELLARAM and MAYBAKER both declining by 9.96%. Other significant losers included:
- OMATEK: -8.82%
- FIDELITYBK: -6.97%
- DANGSUGAR: -5.91%
- MULTIVERSE: -5.56%
- WEMABANK: -1.49%
Market breadth remained negative, with 22 advancing stocks versus 33 declining issues. Four of the five major market sectors recorded losses:
- Insurance sector: -1.68%
- Consumer goods sector: -1.41%
- Banking sector: -1.08%
- Industrial sector: -0.01%
- Oil & gas sector: Unchanged
The total market capitalization of the Nigerian Exchange decreased by ₦273.50 billion, closing at ₦68.62 trillion, reflecting the broad-based nature of the day’s selling pressure.
