NEWS
NGX Loses ₦719bn As All-Share Index Falls 0.44 Percent
NGX Loses ₦719bn As All-Share Index Falls 0.44 Percent
Market capitalisation declined by ₦719 billion to ₦164.194 trillion.
The All-Share Index fell by 0.44 percent to close at 252,882.78 points.
Market breadth remained negative, with 26 gainers against 30 decliners, as Sovereign Trust Insurance led the gainers with a 10.00 percent increase.
October 28, () – The Nigerian Exchange Limited (NGX) retreated on Wednesday, as market capitalisation fell by ₦719 billion from ₦164.913 trillion at the opening to ₦164.194 trillion at the close of trading.
The All-Share Index (ASI) also declined by 1,107.28 points, or 0.44 percent, from 253,990.06 to 252,882.78 points, reversing part of Tuesday’s gains. The market had added ₦1.753 trillion in capitalisation during the previous session, with the benchmark index advancing by 1.07 percent.
Wednesday’s performance came amid continued weakness in market breadth, as 26 equities appreciated in price while 30 recorded losses. Although the gap between gainers and decliners was relatively narrow, the negative balance reflected sustained selling pressure across selected stocks.
Top Gainers
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Sovereign Trust Insurance advanced by 10.00 percent (₦1.80 to ₦1.98).
UPDC Real Estate Investment Trust gained 9.61 percent (₦19.25 to ₦21.10).
Austin Laz and Company rose by 9.21 percent (₦2.39 to ₦2.61).
United Bank for Africa appreciated by 6.83 percent (₦40.25 to ₦43.00).
Chemical and Allied Products gained 5.71 percent (₦3.15 to ₦3.33).
Top Decliners
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First HoldCo fell by 10.00 percent (₦155.00 to ₦139.50).
Tripple Gee declined by 5.51 percent (₦2.54 to ₦2.40).
eTranzact International shed 4.76 percent (₦16.80 to ₦16.00).
Royal Exchange lost 4.76 percent (₦1.05 to ₦1.00).
Fortis Global Insurance declined by 4.76 percent (₦1.68 to ₦1.60).
Several equities closed unchanged during the session, including Dangote Cement, HBM Nigeria Plc, Presco Plc, Custodian Investment Plc, John Holt Plc and Julius Berger Nigeria Plc, among others.
The decline in market capitalisation and the All-Share Index marked a pause in the market’s recent upward movement. While Tuesday’s session had pushed the benchmark index higher, Wednesday’s losses reduced some of those gains, highlighting the market’s uneven performance over the three trading sessions.
The number of decliners remained higher than gainers, while the benchmark indicators moved lower. This suggests that selling pressure in selected equities outweighed gains elsewhere in the market, contributing to the decline in overall valuation.
Investors will monitor the next trading session for signs of renewed buying interest and whether the market can recover Wednesday’s losses. The performance of major equities and the balance between advancing and declining stocks will remain important indicators of the market’s near-term direction.
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