The Nigerian stock market started the new month on a sour note, recording a significant decline as investors lost N363 billion in market value by the close of trading on Monday.
Figures from the Nigerian Exchange Limited (NGX) show that the market capitalisation dropped to N88.4 trillion, reflecting bearish sentiment that dragged major indices into negative territory.
Market activity saw investors trade a total of 407,956,045 shares spread across 33,843 deals, amounting to a turnover of N14.77 billion. Compared with the previous session on Friday, August 29, this marked a 6% dip in traded volume, but a 42% surge in turnover and a 32% increase in deal count.
The All-Share Index (ASI) followed suit, falling by 573.31 points, or 0.41%, to settle at 139,722.19. The drop extends the ASI’s decline to 1.21% over the past week, and 3.02% over the last four weeks, although the year-to-date performance remains positive at +35.75%.
Sectoral Indices Paint a Grim Picture
The downtrend was broad-based across key sectors:
- Top 30 Index: -0.38%
- Consumer Goods Index: -0.03%
- Insurance Index: -0.05%
- Main Board Index: -0.17%
- Oil & Gas Index: -0.45%
- Pension Index: -0.6%
A total of 126 listed equities participated in Monday’s session, with only 15 stocks closing in the green, while 33 ended the day lower, further underlining the prevailing bearish tone.
Top Gainers and Decliners
Leading the list of gainers was Sovereign Trust Insurance, which appreciated by 10% to close at N2.86 per share. It was closely followed by:
- SCOA Nigeria: +9.83% to N6.59
- Cornerstone Insurance: +7.98% to N6.90
- Guinea Insurance: +7.75% to N1.53
- NSL Technologies: +4.71% to N0.89
- University Press Insurance: +4.17% to N1.25
On the flip side, Eterna Plc topped the list of laggards, losing 10% to close at N34.20. Other notable losers included:
- Ellah Lakes: -10% to N12.69
- Veritas Kapital Assurance: -10% to N1.89
- Chams Plc: -9.56% to N2.65
- Cutix Plc: -7.71% to N3.23
- Tantalizer Plc: -7.26% to N2.30
Activity Chart Leaders
In terms of trading volume, FCMB Group led with 55.8 million shares, followed by:
- Access Holdings: 31.9 million shares
- Fidelity Bank: 26.2 million shares
- NSL Technologies: 22.4 million shares
- AIICO Insurance: 17.7 million shares
By value, Aradel Plc stood out with trades worth N5.31 billion, while Zenith Bank recorded N1.11 billion, WAPCO posted N970 million, Access Holdings saw N840 million, and GTCO closed with N830 million in transactions.
This latest decline follows last week’s losses, during which NGX equities suffered a combined N439 billion drop in market capitalisation, as persistent bearish trends continued to weigh down performance indicators across the board.
