NGX Plunges 1.17 Percent as 64 Stocks Decline, Market Cap Sheds N1.88tn

• The NGX suffered a sharp sell-off on Tuesday, with the All-Share Index falling 2,897.67 points, or 1.17 percent, to 244,802.11, while market capitalisation declined by N1.879 trillion to N158.721 trillion.

• Market breadth turned decisively negative, with just four equities gaining against 64 decliners, reflecting broad-based selling pressure across the Exchange.

• FG162029S1 led the decliners with a 31.19 percent plunge, while Ellah Lakes topped the gainers with a 7.07 percent advance.

September 08, () — Trading on the Nigerian Exchange Limited (NGX) turned sharply bearish on Tuesday as widespread selling pressure pushed the benchmark All-Share Index (ASI) down 1.17 percent.

The ASI opened at 247,699.78 points but fell 2,897.67 points to close at 244,802.11. Similarly, market capitalisation declined by N1.879 trillion, from N160.600 trillion at the opening to N158.721 trillion at the close.

The session was characterised by exceptionally weak market breadth, with 64 equities recording price declines compared with only four gainers. The breadth reflected a broad-based retreat rather than weakness concentrated in a few counters.

Price Movement

Gainers for the session

On the gainers’ chart, Ellah Lakes led with a 7.07 percent increase (rising from N9.20 to N9.85).

NGX Group followed with a 1.38 percent appreciation (from N130.10 to N131.90).

Learn Africa gained 1.16 percent (to close at N8.75 from N8.65).

Wema Bank completed the gainers’ list, advancing 0.68 percent (from N29.50 to N29.70).

Decliners

The decliners’ chart was led by FG162029S1, which plunged 31.19 percent (from N109.00 to N75.00).

AVACAP followed with a 10.00 percent decline (from N6.00 to N5.40).

Fortis Global Insurance fell 9.89 percent (from N1.82 to N1.64).

Abbey Mortgage Bank declined 9.74 percent (from N7.70 to N6.95).

Consolidated Hallmark Insurance lost 9.66 percent (falling from N2.38 to N2.15).

Among major stocks that remained unchanged, Dangote Cement, Seplat Energy, Custodian Investment Plc, Julius Berger and Golden Guinea Breweries closed flat, alongside several other equities.

Overall, Tuesday’s session marked a significant reversal from the market’s recent gains, with the sharp decline in the ASI and the overwhelming number of decliners pointing to intensified selling pressure across the Exchange.