NGX Extends Selloff for Second Straight Session as Investors Lose Another N1.67 Trillion

The Nigerian Exchange (NGX) remained under pressure on Wednesday as sustained profit-taking extended the market’s decline for a second consecutive trading session, wiping approximately N1.67 trillion from investors’ wealth despite continued trading interest in selected banking and consumer stocks.

The NGX All-Share Index (ASI) fell 1.05 percent from 244,802.11 to 242,223.10 points, while equity market capitalisation declined from N158.722 trillion to N157.050 trillion.

Market Summary

Market activity moderated across all key indicators.

Trading volume declined 29.0 percent to 534.45 million shares, while transaction value dropped 19.9 percent to N22.28 billion.

The number of deals also fell to 46,943 from 54,051, indicating that investor participation weakened as the market extended its downward trend.

Although the broader market remained negative, a handful of stocks attracted buying interest.

Champion Breweries Plc led the gainers with a 9.90 percent appreciation to N11.10, followed by VFD Group Plc, which advanced 9.52 percent to N11.50. UPDC Plc, Ikeja Hotel Plc and Cutix Plc also closed higher.

However, the gains were outweighed by widespread losses across the market.

Five equities—Omatek Ventures Plc, Zichis Plc, Japaul Gold & Ventures Plc, FTN Cocoa Processors Plc and McNichols Plc—all declined by the Exchange’s maximum daily limit of 10.00 percent, highlighting the intensity of the selling pressure.

Despite the market’s decline, banking stocks continued to provide liquidity.

Sterling Financial Holdings Company Plc emerged as the most actively traded stock by volume with 78.11 million shares, followed by MBENEFIT, Access Holdings Plc and Zenith Bank Plc.

By transaction value, Zenith Bank led the market after investors exchanged shares worth N2.67 billion, underscoring continued institutional interest in large-cap banking equities.

The ETF segment delivered mixed performance.

GREENWETF posted the strongest gain, rising N57.95 to N757.85, while VETGOODS edged marginally higher. In contrast, VETGRIF30, VETBANK and MERVALUE closed lower, indicating selective positioning within the ETF market.

Meanwhile, the listed bond securities in Wednesday’s report recorded no price changes, indicating relatively subdued activity in the fixed-income segment.

The second consecutive decline suggests investors continued to lock in profits following the market’s recent rally. While selective buying remained evident in a few consumer and financial stocks, the broad-based losses, weaker trading activity and another substantial decline in market capitalisation indicate that sellers maintained control of the Nigerian Exchange throughout Wednesday’s session.