NGX Extends Losses as ASI Falls 1.05 Percent, Market Breadth Turns Bearish

• The NGX All-Share Index extended its decline on Wednesday, falling 2,579.01 points, or 1.05 percent, from 244,802.11 to 242,223.10 points.

• Market breadth remained heavily negative, with 44 decliners against just 11 gainers, signalling sustained selling pressure across the Exchange.

• Champion Breweries led the gainers with a 9.90 percent rise, while FTN Cocoa, Japaul Gold, McNichols, Omatek and NSL Tech all recorded the maximum 10 percent decline.

September 09, () — The Nigerian Exchange (NGX) sustained its bearish run on Wednesday as renewed selling pressure pushed the benchmark All-Share Index (ASI) down 1.05 percent.

The ASI opened at 244,802.11 points but fell by 2,579.01 points to close at 242,223.10 points. Market capitalisation, however, remained unchanged at N158.721 trillion between the opening and closing figures provided for the session.

Market breadth was firmly negative, with 44 equities recording price declines compared with only 11 gainers, pointing to broad-based weakness across the market.

Top Gainers

On the gainers’ chart, Champion Breweries led with a 9.90 percent increase (rising from N10.10 to N11.10).

VFD Group followed, appreciating 9.52 percent (from N10.50 to N11.50).

UPDC gained 5.88 percent (moving from N3.40 to N3.60).

Ikeja Hotel rose 4.58 percent (from N42.55 to N44.50).

Cutix completed the top five gainers, advancing 3.06 percent (from N2.29 to N2.36).

The decliners’ chart was dominated by maximum-price losses.

FTN Cocoa fell 10.00 percent (from N8.50 to N7.65).

Japaul Gold also declined 10.00 percent (from N2.60 to N2.34).

McNichols dropped 10.00 percent (from N5.00 to N4.50).

Omatek fell 10.00 percent (from N1.50 to N1.35)

NSL Tech declined 10.00 percent (from N0.70 to N0.63).

Among the major equities that closed unchanged were Dangote Cement, MTN Nigeria Communications, Custodian Investment, Julius Berger and Golden Guinea Breweries, alongside other stocks.

Wednesday’s session therefore extended the market’s recent weakness, with the ASI shedding more than 2,500 points and the overwhelming number of decliners indicating that selling pressure remained widespread across the Exchange.