The Nigerian Exchange Limited (NGX) closed Thursday’s trading session in the red, as widespread sell-offs in mid- and large-cap stocks led to a loss of N274 billion in market value. Investor sentiments remained largely bearish, despite a notable rise in trading activity across the bourse.
At the end of the trading day, the NGX All-Share Index (ASI) dropped by 435.17 points, representing a 0.40 per cent decline to close at 109,183.93 points. Correspondingly, the market capitalisation fell to N68.6 trillion from N68.87 trillion recorded in the previous session.
Thursday’s session saw intensified trading, with total turnover hitting 746.95 million shares worth N18.20 billion in 26,174 deals. Compared to the previous day, this represented a 12 per cent jump in trading volume, a 40 per cent increase in value, and a 35 per cent rise in the number of executed deals.
A total of 128 stocks were traded, with 22 equities recording gains while 36 posted losses. Among the top gainers was Union Homes Real Estate Investment Trust, which led with a 9.97 per cent increase, closing at N50.75 per share. Red Star Express followed, rising by 9.91 per cent to close at N6.10. RT Briscoe and Sovereign Trust Insurance also recorded notable gains of 9.57 per cent and 9.37 per cent, closing at N2.29 and N1.05 respectively.
However, on the flip side, Chellarams Plc and May & Baker Nigeria were the biggest losers, each declining by 9.96 per cent to close at N11.75. Linkage Assurance also fell sharply, shedding 9.88 per cent to close at N1.46. Omatek Ventures dropped 8.82 per cent to settle at N0.62, while McNichols dipped by 8.70 per cent to end at N2.10.
In terms of volume, Fidelity Bank Plc was the most actively traded stock, with 137 million shares exchanged. It was trailed by Japaul Gold and Ventures with 81.7 million shares, United Bank for Africa (UBA) with 60.8 million shares, and Tantalizers with 43.5 million shares traded during the session.
Across the sectoral indices, performance was mostly negative. The NGX Top 30 Index dropped by 0.48 per cent, and the Premium Index recorded a slight decline of 0.19 per cent. The NGX Pension Index was the worst-performing index of the day, falling by 0.81 per cent. Meanwhile, the Industrial Goods Index lost 0.01 per cent and the Main Board Index shed 0.50 per cent. The Oil and Gas Index, however, closed flat, showing no movement.
Despite the dip recorded on Thursday, the NGX’s year-to-date performance remains in positive territory with a return of 6.08 per cent. However, the week-to-date return now stands at a modest decline of 0.26 per cent. Notably, some segments of the market continue to show resilience. The Main Board Index and Pension Index have delivered year-to-date gains of 7.53 per cent and 13.54 per cent, respectively, signalling pockets of investor optimism amid broader market volatility.
Market analysts say the recent decline is likely a combination of profit-taking and uncertainty over macroeconomic indicators. With rising interest in blue-chip stocks and consistent turnover in financials and consumer goods, investor appetite remains present, albeit cautious.
