NGX Extends Decline As ASI Falls To 240,750.47

• Market capitalisation declined by ₦556 billion, from ₦155.973 trillion at the opening to ₦155.417 trillion at the close.

• The NGX All-Share Index fell by 860.76 points, from 241,611.23 to 240,750.47.

• Market breadth was evenly matched, with 27 gainers and 27 decliners.

August 19, () — The Nigerian Exchange (NGX) extended its downward trend on Thursday, as the benchmark index and market capitalisation declined despite a balanced market breadth.

Market capitalisation, which opened at ₦155.973 trillion, fell to ₦155.417 trillion at the close, while the NGX All-Share Index (ASI) dropped from 241,611.23 to 240,750.47.

The session recorded 27 gainers and 27 decliners, indicating a balanced breadth even as the overall market value declined.

Top Five Gainers

• HMCALL led the gainers’ chart, appreciating by 10.00 percent (₦3.20 to ₦3.52).
• WAPIC followed with an 8.44 percent gain (₦2.25 to ₦2.44).
• UACN rose by 6.56 percent (₦166.90 to ₦177.85).
• Ava Capital appreciated by 6.29 percent (₦7.15 to ₦7.60).
• Caverton Offshore Support Group gained 5.32 percent (₦4.70 to ₦4.95).

Top Five Decliners

• International Energy Insurance recorded the steepest decline, falling by 10.00 percent (₦5.30 to ₦4.77).
• Aradel Holdings followed with a 9.99 percent decline (₦1,526.80 to ₦1,374.20).
• Universal Insurance fell by 9.41 percent (₦0.85 to ₦0.77).
• Red Star Express declined by 9.26 percent (₦16.20 to ₦14.70).
• Royal Exchange fell by 8.52 percent (₦1.16 to ₦1.06).

FirstHoldCo Plc, Dangote Cement, Seplat Energy, Custodian Investment, Julius Berger Plc, Presco Plc, amongst others, closed flat for the day.

Investor sentiment remained cautious as the market extended its losing streak, although the equal number of gainers and decliners pointed to a more balanced trading session at the individual-stock level.

The decline in the ASI was therefore driven by weakness in some key counters, despite gains recorded across selected stocks.

The market could remain volatile in the next trading session as investors continue to navigate the recent downward movement in the benchmark index.

However, the balanced market breadth provides some indication of selective buying interest, which could offer support if investors begin to take positions in stocks that have recorded significant price corrections.