Trading on the Nigerian Exchange Limited (NGX) resumed after the Eid-ul-Mawlid public holiday on a bearish note, with the market recording a N260 billion decline in overall market capitalisation.
The NGX All-Share Index (ASI) fell by 402.25 points, representing a 0.17 per cent decline, to close at 238,682.92 points.
With the latest performance, the market’s month-to-date return stood at -2.7 per cent, while its year-to-date return remained positive at +53.4 per cent.
The overall market capitalisation also declined by N260 billion to close at N154.137 trillion.
Banking, Insurance and Consumer Stocks Lead Decline
Sectoral performance was largely negative during the session.
The NGX Insurance Index declined by 0.9 per cent, while the NGX Banking Index fell by 0.4 per cent. The NGX Consumer Goods Index also declined by 0.3 per cent, while the NGX Oil & Gas Index dropped by 0.1 per cent.
The NGX Industrial Goods Index closed flat.
The market downturn was driven largely by price depreciation among large- and medium-capitalised stocks, including FTN Cocoa Processors, Zenith Bank, PZ Cussons Nigeria, Zichis Agro Allied Industry and Oando.
Investor sentiment remained negative, with 39 stocks recording losses compared with 17 gainers.
Neimeth Leads Gainers
Neimeth International Pharmaceuticals recorded the biggest gain, rising by 9.66 per cent to close at N7.95 per share.
NEM Insurance followed with a 6.67 per cent increase to close at N32.00 per share, while Regency Alliance Insurance gained 6.25 per cent to close at 85 kobo.
Linkage Assurance appreciated by 5.62 per cent to N1.88, while Critical Minerals Financing Corporation (CMFC) rose by 2.84 per cent to N2.90 per share.
On the losers’ chart, Fidson Healthcare led the decline, falling by 9.99 per cent to close at N84.20 per share.
FTN Cocoa Processors dropped by 9.94 per cent to N7.79, while International Energy Insurance declined by 9.74 per cent to N3.15 per share.
Livestock Feeds lost 9.43 per cent to close at N7.20, while Omatek Ventures declined by 9.42 per cent to N1.25 per share.
Trading Activity Increases
Despite the decline in market value, trading activity increased during the session.
Total traded volume rose by 9.7 per cent to 733.350 million shares, valued at N34.524 billion, across 49,210 deals.
Fortis Global Insurance topped the activity chart with 134.006 million shares valued at N267.979 million.
First Holdco followed with 88.939 million shares, while Access Holdings recorded 32.658 million shares worth N910.460 million.
Zenith Bank traded 30.869 million shares valued at N3.712 billion, while Veritas Kapital Assurance recorded 28.627 million shares valued at N34.120 million.
Analysts said the session was characterised by bearish sentiment despite stronger trading activity, as increased market participation failed to counter renewed selling pressure.
Cowry Assets Management Limited expects the bearish trend to persist amid continued profit-taking.
However, the investment firm noted that residual investor optimism could trigger a recovery if investors engage in portfolio adjustments and strategic repositioning.
