Investors trading on the Nigerian Exchange Limited (NGX) witnessed a significant loss in their investments over three days as profit-taking persisted in fundamental stocks.
The overall market capitalization closed at N58.948 trillion, reflecting a decline of N468.4 billion or 0.8 percent from N59.416 trillion at the beginning of the week.
“The market capitalization dipped by N168 billion to close at N58.948 trillion,” stated market analysts, highlighting the persistent downward trend.
NGX All-Share Index Drop
The NGX All-Share Index dropped to 104,256.81 basis points from 105,085.25 basis points, indicating a decline of 828.44 basis points or 0.8 percent.
Analysts expressed concerns, saying, “We anticipate an extended bearish performance as the market remains short of positive triggers.”
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Market Activity and Sentiment
Despite the decline, trading activities showed a positive market breadth, with 29 stocks advancing while 24 declined.
Notable gainers included NEM Insurance and CWG, while Secure Electronic Technology and The Initiates Plc (TIP) led the losers’ chart.
Top Gainers and Losers
NEM Insurance and CWG emerged as the highest price gainers, while Secure Electronic Technology and The Initiates Plc (TIP) suffered the most significant losses.
Trading Volume and Value
The total volume traded decreased marginally by 2.73 percent to 298.652 million units, valued at N6.841 billion, and exchanged in 8,248 deals.
Corporate Announcements
In corporate news, Access Holdings Plc announced a strategic acquisition by its subsidiary, Access Bank Plc, of the entire issued share capital of National Bank of Kenya Limited from Kenyan-based KCB Group Plc, aiming to strengthen its African expansion strategy.
PZ Cussons Plc disclosed that the Securities and Exchange Commission (SEC) declined the company’s ‘No Objection’ request for its majority shareholder, PZ Cussons (Holdings) Limited, regarding the intention to acquire the shares held by minority shareholders at an offer price of N23 per share.
Investors are advised to remain cautious amid the current market dynamics, with analysts closely monitoring for potential triggers that could influence market sentiment positively.