All-Share Index drops 0.28% as MTN Nigeria, Access Holdings and other blue-chip stocks come under selling pressure…..
Nigeria’s equities market ended the final trading session of September in negative territory, with profit-taking in major stocks wiping N425.73bn off the value of listed equities.
The bearish session saw the All-Share Index of the Nigerian Exchange Limited decline by 0.28 per cent, falling from 251,913.20 points on Tuesday to 251,211.67 points at the close of trading on Wednesday.
The decline was reflected in the market’s total capitalisation, which slipped from N163.53tn to N163.10tn.
Selling pressure was particularly visible among major banking and telecommunications stocks, although gains recorded in selected industrial and consumer goods companies helped to limit the broader decline.
The NGX Premium Index was among the major casualties, dropping 1.02 per cent to 31,771.57 points as investors sold off some of the market’s large-cap banking and telecom stocks.
The banking sector also recorded losses, with the NGX Banking Index falling 0.58 per cent to 2,712.10 points. The NGX Insurance Index declined by a sharper 1.01 per cent to close at 1,087.10 points.
Not all sectors followed the downward trend.
The NGX Industrial Index gained 0.66 per cent to 10,440.27 points, supported by buying interest in BUA Cement Plc. The Consumer Goods Index edged up 0.04 per cent to 4,058.25 points, while the NGX Growth Index rose 0.68 per cent to 27,452.85 points.
Trading activity remained strong despite the decline in the benchmark index, with investors exchanging 1.035 billion shares in 44,398 deals.
VFD Group Plc dominated trading volume with 367.32 million shares changing hands. UAC of Nigeria Plc followed with 158.18 million shares, while Abbey Mortgage Bank Plc recorded 72.43 million shares.
Chams Holding Company Plc accounted for 63.89 million shares, while Guaranty Trust Holding Company Plc recorded 39.55 million shares.
Haldane McCall Plc emerged as the session’s biggest gainer, climbing by the maximum 10 per cent to N3.41 per share from N3.10.
Critical Minerals Financing Corp Plc followed with a 9.92 per cent gain to N4.32, while Cornerstone Insurance Plc advanced 9.80 per cent to N5.60. LivingTrust Mortgage Bank Plc added 9.79 per cent to close at N3.14, while ABC Transport Plc rose 9.76 per cent to N6.75.
Royal Exchange Plc also gained 9.52 per cent to N1.15, while VFD Group Plc advanced 8.21 per cent to N14.50.
BUA Cement Plc appreciated by N9.20 to close at N297, while Oando Plc gained 1.45 per cent to N35 per share.
On the other side of the market, Learn Africa Plc recorded the steepest decline, falling by 10 per cent from N8.50 to N7.65 per share.
Thomas Wyatt Nigeria Plc dropped 9.80 per cent to N2.67, while Sovereign Trust Insurance Plc declined 6.78 per cent to N2.20.
Telecommunications giant MTN Nigeria Communications Plc was also among the major decliners, shedding 3.01 per cent, equivalent to N26, to close at N837 per share.
The sell-off extended to some of the market’s major banks. Access Holdings Plc fell 2.25 per cent to N30.40, United Bank for Africa Plc declined 1.20 per cent to N45.45, while GTCO Plc slipped 0.38 per cent to N132 per share.
The session brought September trading to a close with investors balancing profit-taking against selective buying in stocks that attracted renewed demand.
