The Nigerian Exchange Limited (NGX) started the week on a bearish note, with the All-Share Index (ASI) declining from 248,363.55 points to close at 247,736.24 points, representing a loss of 0.25 percent. This decline indicates that the market experienced more selling pressure than buying interest. The market capitalisation also fell from N161.260 trillion to N160.852 trillion, representing a decline of N408 billion in equity value.
The market breadth was negative, with 31 equities recording price declines against 26 gainers, while several stocks closed unchanged. This higher number of decliners suggests that investors remained cautious, and selling pressure outweighed buying interest across the market. Despite strong advances in selected equities, the overall market performance was bearish.
The top five gainers for the session were NEIMETH, UPDCREIT, GUINNESS, LIVESTOCK, and NPFMCRFBK. NEIMETH gained 10.00 percent, rising from ₦7.00 to ₦7.70, while UPDCREIT advanced 10.00 percent, from ₦24.00 to ₦26.40. GUINNESS appreciated 9.93 percent, from ₦384.80 to ₦423.00, and LIVESTOCK rose 9.89 percent, from ₦13.15 to ₦14.45. NPFMCRFBK gained 9.52 percent, moving from ₦4.20 to ₦4.60.
On the other hand, the top five decliners were SUNUASSUR, CMFC, OANDO, LIVINGTRUST, and ZICHIS. SUNUASSUR shed 9.85 percent, falling from ₦3.25 to ₦2.93, while CMFC declined 9.78 percent, from ₦3.58 to ₦3.23. OANDO lost 7.55 percent, dropping from ₦36.40 to ₦33.65, and LIVINGTRUST fell 6.25 percent, from ₦3.20 to ₦3.00. ZICHIS declined 6.16 percent, from ₦17.05 to ₦16.00.
Several stocks closed unchanged during the session, including Dangote Cement, Seplat Energy, Presco, Coronation Infrastructure, Julius Berger, and Champion Breweries. The unchanged stocks indicate that some investors held onto their positions, awaiting further market developments.
The market's decline at the start of the week, coupled with the higher number of decliners, suggests that investors remained cautious. Although selected equities recorded significant gains, these advances were insufficient to offset losses across the broader market. In the next session, market direction may depend on renewed buying interest, investor positioning, and developments affecting listed companies.
A recovery in the ASI would likely require stronger buying activity and improved market breadth. Until then, investors are likely to remain cautious, carefully monitoring market trends and developments. The NGX market report highlights the importance of closely watching market performance and adjusting investment strategies accordingly.
Key points
- The Nigerian Exchange Limited (NGX) All-Share Index (ASI) fell 0.25 percent to close at 247,736.24 points.
- Market capitalisation declined to N160.852 trillion, representing a decline of N408 billion in equity value.
- The market breadth was negative, with 31 decliners against 26 gainers.
