NEWS
NGX Loses N3.28 Trillion as All-Share Index Falls 1.98 Percent
NGX Loses N3.28 Trillion as All-Share Index Falls 1.98 Percent
Market capitalisation declined by N3.281 trillion to N162.134 trillion.
The All-Share Index shed 5,052.22 points to close at 249,710.59.
Market breadth weakened, with 36 decliners against 20 gainers, as Dangote Cement and Presco led the losers.
November 05, () – The Nigerian Exchange Limited (NGX) recorded a sharp downturn on Thursday, as market capitalisation fell by N3.281 trillion from N165.415 trillion at the opening to N162.134 trillion at the close of trading.
The All-Share Index (ASI) also declined by 5,052.22 points, representing a 1.98 percent drop from 254,762.81 to 249,710.59 points.
The losses reversed Wednesday’s positive performance, when the benchmark index advanced by 0.19 percent and market capitalisation gained N308 billion.
Market breadth weakened during the session, with 36 equities recording price declines against 20 gainers.
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The negative balance reflected stronger selling pressure across the Exchange, particularly among some major stocks.
Top Gainers
Channel
CWG advanced by 9.94 percent (N15.60 to N17.15).
Abbey Mortgage Bank gained 9.84 percent (N6.10 to N6.70).
Honeywell Flour Mills rose by 9.82 percent (N24.45 to N26.85).
eTranzact International appreciated by 9.71 percent (N17.00 to N18.65).
Caverton Offshore Support Group gained 8.96 percent (N3.35 to N3.65).
Top Decliners
Dangote Cement fell by 10.00 percent (N1,490.00 to N1,341.00).
Presco declined by 10.00 percent (N1,840.80 to N1,656.80).
Wapic Insurance shed 9.91 percent (N2.22 to N2.00).
Austin Laz lost 8.57 percent (N2.45 to N2.24).
Lasaco Assurance declined by 8.57 percent (N1.75 to N1.60).
Several equities closed unchanged during the session, including MTN Nigeria Communications, Seplat Energy Plc, Ellah Lakes Plc, Custodian Investment Plc and John Holt Plc, among others.
The sharp decline in market capitalisation and the benchmark index marked a significant reversal of the previous session’s gains.
The 1.98 percent drop in the ASI also erased the modest 0.19 percent advance recorded on Wednesday, while the wider gap between decliners and gainers pointed to a deterioration in investor sentiment.
The unchanged positions of MTN Nigeria Communications, Seplat Energy, Ellah Lakes, Custodian Investment and John Holt indicated that some equities were insulated from the session’s downward pressure.
The market’s next direction will depend on whether investors return to bargain hunting after the sharp correction or maintain their cautious stance.
A recovery in the ASI and an improvement in market breadth would provide an early indication that the sell-off is easing.
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