Emmanuel OchayiThe NGX, Nigeria’s stock exchange, kicked off the week with a bearish tone, witnessing a decline in the All-Share Index by 0.4%, leading to a loss of 421.91 points, closing at 104,663.34 points.
This dip resulted in shareholders collectively losing N239 billion, with the market capitalization dropping to N59.177 trillion from last Friday’s N59.416 trillion.
Join our WhatsApp ChannelMarket watchers observed significant movements in key stocks. MTN Nigeria, for instance, saw a notable decline in its share price by 7.58%, while FBN Holdings surged by 8.92%, and UBA gained 4.73%.
Despite the overall downward trend, the market breadth remained positive, with 27 gainers against 19 losers. Trading volume experienced a 32% increase to 287.445 million units of shares, coupled with a 116% appreciation in market turnover, reaching N10.8 billion.
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According to financial experts, this downward shift reflects ongoing market volatility influenced by both internal and external factors. “The market’s performance today indicates a cautious approach from investors, possibly reacting to recent economic indicators,” stated David Okon, a financial analyst.
On the index front, notable gainers included ABCTRANS, NEM, LIVESTOCK, NGXGROUP, THOMASWY, and SOVRENINS, while MCNICHOLS, DAARCOMM, UPDC, MTNN, AFRIPRUD, and REGALINS were among the top losers.
In terms of trading volume, UBA led with 46.23 million units, followed by GTCO, TRANSCORP, ZENITHBANK, and FBNH. TRANSPOWER recorded the highest turnover in value, followed by GTCO, UBA, ZENITHBANK, and FBNH.
Looking at stocks worth over one trillion, the sentiment was mixed, with some recording gains like TRANSPOWER and FBNH, while others such as ZENITHBANK, GTCO, and MTNN saw declines.
Reflecting on tier-1 banks, the sentiment remained mixed with UBA recording a price gain, while ACCESSCORP remained unchanged.
Financial analysts suggest that investor sentiment will likely continue to be influenced by economic indicators and global market trends in the coming days. “Investors are advised to remain cautious and monitor developments closely,” advised Okon.
The NGX is expected to continue experiencing fluctuations as market participants navigate uncertainties both domestically and globally.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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