Nigerian Exchange Limited
NGX Sheds N1.88 Trillion as Broad Selling Ends Three-Day Rally
The Nigerian Exchange (NGX) reversed course on Tuesday as widespread selling pressure erased approximately N1.88 trillion from investors’ wealth, ending the market’s three-session rally despite a sharp increase in trading activity.
The NGX All-Share Index (ASI) declined 1.17 percent from 247,699.78 to 244,802.11 points, while equity market capitalisation fell from N160.600 trillion to N158.722 trillion, reversing the gains recorded in the previous trading session.
Market Summary
| Indicator | September 7 | September 8 | Change |
|---|---|---|---|
| NGX All-Share Index | 247,699.78 | 244,802.11 | -1.17% |
| Equity Market Capitalisation | N160.600 trillion | N158.722 trillion | -N1.88 trillion |
| Deals | 52,322 | 54,051 | +3.3% |
| Volume | 407.85 million | 753.17 million | +84.7% |
| Value | N27.25 billion | N27.82 billion | +2.1% |
While the market closed lower, investor activity intensified considerably.
Trading volume surged 84.7 percent to 753.17 million shares from 407.85 million shares recorded on Monday, while the number of deals increased to 54,051.
However, transaction value rose only marginally to N27.82 billion from N27.25 billion, suggesting that much of the increased activity was concentrated in lower-priced stocks.
Selling pressure spread across most sectors of the market, with only a handful of equities recording gains.
Ellah Lakes Plc led the gainers after advancing 7.07 percent to N9.85, followed by NGX Group Plc, which gained 1.38 percent to N131.90. Learn Africa Plc appreciated 1.16 percent, while Wema Bank Plc added 0.68 percent.
On the losing side, AVA Capital Plc declined 10.00 percent, FTG Insurance Plc shed 9.89 percent, Abbey Mortgage Bank Plc fell 9.74 percent, while CMFC Plc lost 9.66 percent, indicating the broad-based nature of the market’s pullback.
Despite the market decline, trading activity remained robust.
NEM Insurance Plc emerged as the most actively traded stock after investors exchanged 131.73 million shares valued at N4.07 billion, making it the session’s leader by both trading volume and transaction value.
Other actively traded equities included MBENEFIT, Sterling Financial Holdings Plc, Access Holdings Plc and Consolidated Hallmark Holdings Plc, reflecting continued investor interest in financial and insurance stocks.
The ETF segment also reflected the cautious mood.
GREENWETF was the only major fund to post a gain, rising N19.90 to N699.90, while MERGROWTH, VETBANK, VETINDETF and VETGRIF30 all closed lower, indicating that selling pressure extended beyond the equity market.
Meanwhile, the listed bond securities in Tuesday’s report closed unchanged, suggesting that activity in the fixed-income segment remained relatively stable.
Tuesday’s trading marked a clear shift from Monday’s optimism. Although market participation strengthened significantly, the sharp increase in trading volume alongside a steep decline in the benchmark index indicates that sellers dominated the session.
The broad-based losses and the sharp reduction in market capitalisation suggest investors locked in profits across several counters, bringing the Nigerian Exchange’s three-session rally to an end.