NGX Extends Decline As Market Cap Falls to ₦155.97trn

• Market capitalisation declined by ₦544 billion, from ₦156.517 trillion at the opening to ₦155.973 trillion at the close.

• The NGX All-Share Index fell by 843.42 points, from 242,454.65 to 241,611.23.

• Market breadth remained firmly negative, with 22 gainers against 37 decliners as selling pressure persisted.

August 18, () — The Nigerian Exchange (NGX) extended its downward trend on Tuesday as sustained selling pressure across several counters pushed the market deeper into negative territory.

Market capitalisation, which opened at ₦156.517 trillion, declined to ₦155.973 trillion at the close, while the NGX All-Share Index (ASI) fell from 242,454.65 to 241,611.23.

The session recorded 22 gainers and 37 decliners, reflecting another weak breadth as investors remained cautious.

Top Five Gainers

• HMCALL led the gainers’ chart, appreciating by 9.97 percent (₦2.91 to ₦3.20).
• Veritas Kapital Assurance followed with a 7.09 percent gain (₦1.27 to ₦1.36).
• Tantalizer advanced by 5.26 percent (₦3.80 to ₦4.00).
• RT Briscoe rose by 4.31 percent (₦10.45 to ₦10.90).
• Regency Alliance Insurance gained 3.66 percent (₦0.82 to ₦0.85).

Top Five Decliners

• Red Star Express recorded the steepest decline, falling by 10.00 percent (₦18.00 to ₦16.20).
• Trans-Nationwide Express followed with a 9.94 percent decline (₦3.12 to ₦2.81).
• Meyer declined by 9.88 percent (₦16.70 to ₦15.05).
• Chellarams shed 9.77 percent (₦10.75 to ₦9.70).
• FTG Insurance fell by 9.70 percent (₦2.37 to ₦2.14).

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Dangote Cement, Custodian Investment, Julius Berger, Golden Guinea Brewery, Nestle Nigeria, amongst others, closed flat for the day.

Investor sentiment remained bearish as decliners continued to significantly outnumber gainers, while the ASI recorded another substantial decline.

The session also showed continued volatility across several counters, with Red Star Express recording the maximum 10 percent decline and other stocks posting losses close to the daily limit.

The market is likely to remain under pressure in the next trading session if investors continue to reduce positions in vulnerable counters.

However, the continued gains recorded by selected stocks could encourage some selective buying as investors search for value amid the ongoing correction. Market participants are expected to remain cautious while monitoring heavyweight stocks and the broader direction of investor sentiment.