Equities Shed N87.47bn As Market Downturn Persists

The Nigerian Exchange (NGX) continued its downward trajectory, erasing N87.47 billion from investors’ portfolios as bearish sentiment gripped the market.

The benchmark AllShare Index (ASI) declined by 0.11 per cent to close at 107,937.74 points, while the market capitalisation contracted to N67.35 trillion, mirroring Friday’s losses.

The sell-off was broadbased, with the Insurance sector plunging 1.69 per cent, marking the steepest decline of the day. The Oil & Gas sector followed closely, shedding 1.07 per cent, while Banking stocks slipped by 0.40 per cent.

However, Consumer Goods (+1.35%) and Industrial Goods (+0.12%) provided some stability, preventing a sharper market decline. The Commodity sector remained unchanged.

New Telegraph had reported that stocks might experience reversal of bullish trend as our inhouse analysis indicated over-bought position, which could trigger profit-taking by equities investors, a trend that might have kicked off with last Friday’s sharp decline in the market performance indicators which were sustained on Monday but moderately.

Market sentiment remained bearish as 42 stocks closed in the red while only 20 advanced. IKEJAHOTEL and LEARNAFRICA led the losers, plunging 10.00% each, while CORNERST (-9.80%), UPDC (-9.79%), and VFDGROUP (-9.66%) also recorded significant losses.

On the flip side, NB and CADBURY gained 10.00 per cent each, alongside TIP, INTENEGINS, and ENAM – ELWA, which posted notable advances.