The Nigerian equities market closed the final trading session of September on a bearish note, as profit-taking dragged key benchmark metrics lower, eroding N425.73bn in investor wealth. The All-Share Index of the Nigerian Exchange Limited dropped by 0.28 per cent to settle at 251,211.67 basis points, compared to 251,913.20 points recorded on Tuesday. Total market capitalisation also shrank from N163.53tn to N163.10tn.
Market sentiment remained mixed across key sector indices, with heavy selling pressure impacting blue-chip banking and telecommunications firms, while selective demand in industrial and consumer goods stocks provided mild cushioning. The NGX Premium Index slid by 1.02 per cent to close at 31,771.57 points, largely hampered by losses in major telecom and banking giants. This decline was led by significant drops in prominent stocks.
The NGX Banking Index lost 0.58 per cent to drop to 2,712.10 points, while the NGX Insurance Index fell by 1.01 per cent to 1,087.10 points. Conversely, the NGX Industrial Index posted a gain of 0.66 per cent to reach 10,440.27 points, buoyed by buying interest in BUA Cement Plc. This gain in industrial stocks helped mitigate the overall market decline.
The NGX Consumer Goods Index recorded a slight uptick of 0.04 per cent to finish at 4,058.25 points, while the NGX Growth Index expanded by 0.68 per cent to 27,452.85 points. Trading volume across the bourse experienced substantial activity, with investors exchanging 1.035 billion shares in 44,398 deals. This significant trading volume indicates heightened market activity.
VFD Group Plc led the volume chart, recording an exchange of 367.32 million shares. UAC of Nigeria Plc followed with 158.18 million shares traded, Abbey Mortgage Bank Plc with 72.43 million shares, Chams Holding Company Plc with 63.89 million shares, and Guaranty Trust Holding Company Plc with 39.55 million shares. These stocks were among the most actively traded during the session.
On the gainers’ chart, Haldane McCall Plc emerged as the top performer, advancing by the maximum daily limit of 10.00 per cent to close at N3.41 per share from N3.10. Other notable gainers included Critical Minerals Financing Corp Plc, Cornerstone Insurance Plc, LivingTrust Mortgage Bank Plc, and ABC Transport Plc, which all posted significant gains. These stocks showed resilience despite the overall market decline.
On the losers’ log, Learn Africa Plc topped the decliners, dropping 10.00 per cent to close at N7.65 per share from N8.50. Heavyweight telecom stock MTN Nigeria Communications Plc recorded a decline of 3.01 per cent, shedding N26.00 to close at N837.00 per share. Tier-one lenders also faced selling pressure, contributing to the market's downward trend.
Key points
- The Nigerian equities market lost N425.73bn in investor wealth due to profit-taking.
- The All-Share Index dropped by 0.28 per cent to 251,211.67 basis points.
- Market sentiment remained mixed, with selective demand in industrial and consumer goods stocks providing mild cushioning.
