Nigerian stocks slide as investors lose ₦515bn amid continued market correction

Investors on the Nigerian Exchange (NGX) recorded losses of about ₦515 billion as the market extended its downward trend for the third consecutive trading session.

Market capitalisation declined as the local bourse continued to react to the Nigerian Exchange Authority’s recent warning that some stocks may be overbought, prompting sustained sell-offs across key sectors.

At the close of trading, both major performance indicators – the NGX All-Share Index (NGX-ASI) and market capitalisation – fell by 0.41 per cent.

The All-Share Index shed 802.39 basis points to close at 193,567.81 points, reflecting a 0.41 per cent drop. Similarly, total market capitalisation fell by ₦514.99 billion to settle at ₦124.24 trillion, driven by selling pressure in consumer goods, banking and insurance stocks.

Trading activity also weakened. Total volume and value of trades declined by 36.01 per cent and 30.58 per cent respectively, with approximately 868.54 million shares worth ₦31.48 billion exchanged in 69,310 deals.

JAIZBANK led the volume chart, accounting for 9.16 per cent of total trades, followed by JAPAULGOLD (8.50 per cent), ACCESSCORP (7.76 per cent), CHAMS (6.60 per cent) and ZENITHBANK (5.28 per cent). ZENITHBANK also topped the value chart, accounting for 12.93 per cent of total trade value.

On the gainers’ table, FTNCOCOA led with a 10.00 per cent increase, followed by RTBRISCOE (+9.95 per cent), DEAPCAP (+9.92 per cent), JAPAULGOLD (+9.91 per cent), ELLAHLAKES (+9.72 per cent) and OMATEK (+9.72 per cent), alongside 23 other advancing stocks.

However, 38 stocks recorded price declines. JAIZBANK topped the losers’ list with a 9.98 per cent drop, followed by IKEJAHOTEL (-9.90 per cent), JOHNHOLT (-9.90 per cent), ENAMELWA (-9.88 per cent), CADBURY (-9.69 per cent) and GUINEAINS (-8.63 per cent).

Market breadth closed negative, with 29 gainers against 38 losers, reflecting bearish sentiment across the exchange.

Sectoral performance also closed in the red. The industrial goods sector declined by 1.19 per cent, followed by banking (-0.63 per cent), insurance (-0.32 per cent) and consumer goods (-0.03 per cent). The oil and gas sector was the only gainer, posting a marginal increase of 0.12 per cent.