The Nigerian Exchange Limited (NGX) recorded a marginal decline on Tuesday, with market capitalisation slipping by ₦93 billion from ₦163.917 trillion at the opening to ₦163.824 trillion at the close of trading. The All-Share Index (ASI) also shed 143.58 points, representing a 0.06 percent decline from 252,456.74 to 252,313.16 points. This downturn followed Monday’s strong recovery, when market capitalisation gained ₦2.324 trillion and the benchmark index advanced by 1.44 percent.
Despite the marginal decline in the overall market, trading breadth remained positive, with 32 equities appreciating in price against 21 decliners. This marked an improvement from Monday’s session, when 21 stocks gained while 28 recorded losses, indicating stronger participation among advancing equities. The top gainers included Champion Breweries, which advanced by 10.00 percent (₦8.50 to ₦9.35), Honeywell Flour Mills, which gained 9.90 percent (₦29.30 to ₦32.20), and Continental Reinsurance, which rose by 8.75 percent (₦2.97 to ₦3.23).
The decline in the market was also reflected in the top decliners, with NAHCO falling by 9.99 percent (₦151.20 to ₦136.10), Red Star Express declining by 9.85 percent (₦13.70 to ₦12.35), and LivingTrust Mortgage Bank shedding 9.79 percent (₦2.86 to ₦2.58). Other equities that lost value included Abbey Mortgage Bank, which lost 5.22 percent (₦6.70 to ₦6.35), and Caverton Offshore Support Group, which declined by 4.29 percent (₦3.50 to ₦3.35).
Several equities closed unchanged during the session, including MTN Nigeria Communications, Seplat Energy, Presco Plc, Livestock Feeds, Custodian Investment Plc, and John Holt Plc, among others. This session reflected a divergence between the overall market performance and the movement of individual equities. Although the ASI and market capitalisation recorded marginal losses, the higher number of advancing stocks suggested that buying interest remained active across several counters.
The unchanged positions of major equities, including MTN Nigeria Communications, Seplat Energy, Presco, and Custodian Investment, further reflected mixed trading activity during the session. Investors will be watching whether the positive market breadth translates into a recovery in the benchmark index in subsequent sessions. Sustained advances across more equities could help strengthen the market, while continued weakness in selected large-cap stocks may keep the ASI under pressure.
According to Ogochukwu Onwaeze, a writer specializing in business and economic journalism, the market’s performance is a reflection of the current trends and investor sentiment. The NGX market capitalisation and ASI have been experiencing fluctuations in recent times, influenced by various factors such as economic recovery, investor confidence, and global market trends.
As the market continues to evolve, investors are advised to monitor the market’s performance closely and make informed decisions based on their investment goals and risk tolerance. The NGX market capitalisation and ASI are expected to continue to fluctuate in response to changes in the economy and investor sentiment.
Key points
- The Nigerian Exchange Limited market capitalisation dropped ₦93 billion on Tuesday.
- The All-Share Index shed 143.58 points, representing a 0.06 percent decline.
- Trading breadth remained positive, with 32 equities appreciating in price against 21 decliners.
