A substantial decline in oil and banking equities, including Wema Bank, Aradel Holdings, and Haldane McCall, caused investors in the Nigerian Exchange (NGX) to lose more than ₦208 billion.
After dropping 35 basis points to close at 97,296.57 points, the benchmark NGX All-Share Index (NGX-ASI) ended the day on a down note. Notable selloffs in Aradel Holdings (-9.98%), Nigerian Breweries (-5.26%), Fidelity Bank (-1.60%), and Eterna (-9.88%) were major contributors to this loss.
Despite some positive performances in Oando (+3.33%), Access Holdings (+1.77%), and Conoil (+6.56%), the broader market sentiment remained negative. The day also saw John Holt drop by -10.00%, while SUNU Assurances surged by +9.97%.
Analysts Attribute Losses to Profit-Taking
Market analysts noted that the 0.35% drop in the NGX-ASI, equivalent to a decline of 343.31 basis points, reflects profit-taking activities in medium-cap stocks like Aradel. This selloff reversed the modest gains recorded in the previous session.
Trading Volume and Value Surge
Despite the bearish trend, trading activity increased, with total transaction volume rising by 48.97% and total value traded climbing by 28.07%. According to Atlass Portfolios Limited, approximately 822.46 million units worth ₦10.29 billion were traded across 9,385 deals.
Haldane McCall emerged as the most traded stock by volume, accounting for 45.53% of the total shares exchanged. Other active stocks included Japaul Gold (14.12%), Tantalizer (3.74%), UBA (3.59%), and GTCO (3.50%), completing the top five volume drivers.
Market Outlook
The market’s poor performance highlights cautious investor sentiment as major sectors see profit-taking. According to analysts, a turnaround might be contingent upon increased NGX confidence and fresh interest in purchasing cheap equities.
