The Nigerian Exchange (NGX) suffered a significant setback on Monday, losing N102 billion in market capitalization.
This downturn was primarily driven by substantial losses in major stocks such as First Bank of Nigeria Holdings (FBNH), Seplat Energy, and Transcorp.
The All-Share Index (ASI) declined by 0.18 percent to 99,118.86 basis points, while the market capitalization dropped to N56.07 trillion.
The bearish trend was evident, with the exchange witnessing more decliners (23) than gainers (17).
Among the top losers, E-tranzact International led the chart, shedding 9.82 percent to close at N5.05 per share. Unity Bank followed closely with a 9.80 percent drop to N1.38, and Jaiz Bank dipped by 9.65 percent to close at N2.06.
On the flip side, Cornerstone Insurance Company and Deap Capital Management and Trust topped the gainers’ chart with a 10 percent appreciation to N2.09 and N0.44, respectively. Oando also saw a significant gain of 9.75 percent, closing at N12.95.
The day’s trading volume and value also experienced a downturn, with the volume of shares traded falling by 19.5 percent to 349.6 million units, and the value exchanged dropping by 38.9 percent to N5.2 billion.
Sector performance was mixed. The Insurance index stood out with a 2.8 percent increase, thanks to price appreciation in Custodian and Allied Insurance and Cornerstone Insurance.
However, the Banking index fell by 0.8 percent due to declines in FBNH and United Bank for Africa (UBA).
The Consumer and Industrial Goods indices both dropped by 0.1 percent, impacted by losses in Nigerian Brewery, WAPCO, and Julius Berger. The Oil and Gas index remained flat.
This market slump comes on the heels of a bullish trend last week, where investors gained N954 billion, with the market capitalization and ASI appreciating by 0.02 percent to close at N56.17 trillion and 99,300 points, respectively.
Despite Monday’s losses, the year-to-date return remained robust at 32.6 percent, slightly down from 32.8 percent.
Market analysts are watching closely to see if the bearish trend will continue or if the market will rebound in the coming days.
