Trading on the Nigerian Exchange Limited (NGX) began the week on a bearish note as widespread sell-offs, led by MTN Nigeria Communications Plc and 44 other stocks, wiped N2.34 trillion off investors’ wealth.
The market’s negative performance pushed the All-Share Index (ASI) down by 3,647.10 points, representing a 1.57 per cent decline to close at 228,401.92 points.
Similarly, the overall market capitalisation dropped from its previous level to N146.57 trillion, reflecting a loss of N2.34 trillion.
The decline was driven by sustained profit-taking in medium and large-capitalisation stocks, including MTN Nigeria Communications Plc (MTNN), Unilever Nigeria Plc, Lafarge Africa Plc, Cadbury Nigeria Plc, and Nigerian Exchange Group Plc.
Market sentiment remained weak as the number of declining stocks significantly outweighed gainers.
At the close of trading, 12 stocks recorded price appreciation, while 45 stocks ended in negative territory.
UPDC Plc emerged as the best-performing stock, gaining 9.23 per cent to close at N3.55 per share.
Sovereign Trust Insurance Plc advanced by 4.08 per cent to settle at N2.04 per share, while Cornerstone Insurance Plc rose 3.45 per cent to close at N6.00 per share.
Neimeth International Pharmaceuticals Plc appreciated by 3.03 per cent to N8.50 per share, while Livestock Feeds Plc gained 1.92 per cent to close at N7.95 per share.
On the losers’ table, Learn Africa Plc, Unilever Nigeria Plc, and MTN Nigeria Communications Plc each declined by 10 per cent, closing at N9.00, N126.00, and N747.00 per share, respectively.
Austin Laz & Company Plc and Abbey Mortgage Bank Plc followed with losses of 9.94 per cent each, closing at N3.17 and N7.25 per share.
Universal Insurance Plc also fell by 9.90 per cent to close at 91 kobo per share.
Despite the market downturn, trading activity recorded a significant increase during the session.
The total volume of shares traded surged by 156.4 per cent to 996.47 million units, with transactions valued at N43.73 billion across 61,813 deals.
Ikeja Hotels Plc led the activity chart with 305.54 million shares worth N13.21 billion.
Access Holdings Plc followed with 289.90 million shares valued at N6.62 billion, while Dangote Sugar Refinery Plc traded 29.36 million shares worth N1.89 billion.
Other actively traded stocks included Chams Holding Company Plc, which exchanged 22.01 million shares valued at N87.94 million, and Zenith Bank Plc, which recorded 21.21 million shares worth N2.36 billion.
The market’s weak performance reflects continued investor profit-taking in major blue-chip stocks, even as trading activity remained robust, suggesting sustained participation by market players despite the broad decline.
