The Nigerian equities market extended its bearish run as losses in MTN Nigeria, Access Holdings and Guaranty Trust Holding Company pushed the benchmark index lower, despite a sharp increase in trading activity.
At the close of the session, the Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 0.28 per cent to 251,211.67 points, from 251,913.20 points in the previous session.
Market capitalisation also dropped by 0.26 per cent to ₦163.10 trillion, compared with ₦163.53 trillion previously.
The movement represents an approximately ₦430 billion decline in market capitalisation during the session.
Consequently, the market’s year-to-date return moderated to 61.43 per cent, from 61.88 per cent in the preceding session.
MTN Nigeria, AccessCorp Weigh on Market
The negative close was largely driven by sell pressure on selected heavyweight stocks.
MTN Nigeria Communications (MTNN) declined by 3.01 per cent, while Access Holdings (ACCESSCORP) fell by 2.25 per cent.
GTCO also slipped by 0.38 per cent.
Their losses were sufficient to outweigh gains recorded by some other major counters.
BUA Cement advanced by 3.20 per cent, while Oando appreciated by 1.45 per cent. Wema Bank also gained 1.61 per cent.
The contrasting movements indicate that buying interest remained in selected equities, although it was insufficient to prevent the overall market from closing in negative territory.
Trading Volume Surges 88.71%
While the benchmark index declined, investor activity strengthened substantially.
Total trading volume jumped by 88.71 per cent to 1.04 billion shares, compared with 548.67 million shares in the preceding session.
The value of transactions also increased sharply, rising 56.39 per cent to ₦53.63 billion, from ₦34.30 billion previously.
The figures suggest that the decline in the index was accompanied by significantly heavier trading rather than a general withdrawal of market participation.
VFD Group dominated the volume chart after investors traded 367.32 million shares of the company during the session.
Based on the supplied figures, VFD Group alone accounted for more than one-third of total shares traded.
The stock also recorded an 8.21 per cent price appreciation during the session.
UAC of Nigeria (UACN) led the market by transaction value, accounting for ₦21.51 billion worth of trades, despite closing unchanged.
UACN therefore accounted for about 40 per cent of the total ₦53.63 billion transaction value recorded during the session.
30 Stocks Decline as Market Breadth Stays Negative
The broader market also remained bearish.
Market breadth stood at 0.83x, reflecting 25 advancing equities against 30 declining stocks.
Learn Africa led the losers’ table after shedding the maximum 10 per cent during the session.
At the other end of the market, HMCALL topped the gainers’ chart with a 10 per cent appreciation.
The negative market breadth indicates that weakness was relatively broad, with more companies ending the session lower than higher.
The latest performance follows the previous session’s 0.29 per cent decline, when the NGX ASI closed at 251,913.20 points.
The benchmark has therefore recorded consecutive declines, although its year-to-date performance remains strongly positive at 61.43 per cent based on the supplied market data.
NASD Index Drops 1.62%
The NASD OTC Securities Exchange also finished the session lower.
The NASD Security Index (NSI) declined by 1.62 per cent to 4,407.44 points, while market capitalisation fell by 1.49 per cent to ₦2.65 trillion.
The supplied figures put the NASD market’s year-to-date return at 24.37 per cent, compared with 15.43 per cent reported for the previous session.
Notably, the higher stated year-to-date return comes despite the NSI recording a 1.62 per cent decline in the latest session. The supplied data does not provide the intervening price or index movements needed to reconcile that difference, so the figures are presented as reported.
NASD Plc Gains 9.98%, Afriland Falls 8.90%
Individual securities recorded significant movements on the OTC market.
NASD Plc emerged as the session’s strongest advancer, appreciating by 9.98 per cent.
Afriland Properties Plc, meanwhile, recorded the steepest decline, shedding 8.90 per cent.
Overall, the day’s performance presented contrasting signals across Nigeria’s capital markets.
The NGX recorded a second consecutive decline, but the substantial rebound in trading volume and value showed considerably stronger investor activity. On the NASD OTC market, the benchmark also fell, with significant movements in individual securities.
Investors will now be watching whether increased trading activity translates into renewed buying momentum or whether profit-taking and sell pressure in heavyweight stocks continue to weigh on the broader market in subsequent sessions.
