The Nigerian Exchange (NGX) witnessed its second consecutive day of bearish trends, with the All-Share Index dropping by 0.77%. Closing at 97,473.98 points, this marks the index’s lowest level since January 22, 2024. Despite remaining above the 98,000-point mark since February, the index experienced a 39.84% return by the end of the first quarter.
Banking stocks led the sell-offs following the announcement of banking recapitalization, with a decline of over 18% this quarter. Additionally, rising interest rates for fixed-income securities have reduced interest in equities.
The market dip was fueled by a significant 10% loss in Dangote Sugar and PZ shares, resulting in a combined N132.6 billion loss in market value. Dangote Sugar’s market capitalization decreased from N546.6 billion to N491.9 billion, while PZ Cussons’ market cap declined from N99.3 billion to N89.3 billion.
Overall, equities lost N132.6 billion, with NGX’s market capitalization dropping from N55.265 trillion to N55.132 trillion. The market breadth remained marginally positive, with 22 gainers against 20 losers.
Trading volume decreased by 30.2% to 306.6 million shares, while deals declined by 7.6% to 7,951.
Market Indices:
- NGX All-Share Index: 97,473.98 points
- % Day Change: -0.77%
- Day’s Lowest: 97,473.98 points
- Day’s Highest: 98,255.72 points
- % YTD: +30.36%
- Market Cap: N55.13 trillion
- Volume Traded: 306.6 million units
- Value: N5.813 billion
- Deals: 7,951
Top Gainers:
- LEARNAFRICA: +10.00% to close at N3.63
- TANTALIZER: +10.00% to close at N0.55
- MCHNICHOLS: +9.89% to close at N1.00
- REGALINS: +9.38% to close at N0.35
- CUTIX: +8.33% to close at N3.25
Top Losers:
- DANGSUGAR: -10.00% to close at N40.50
- PZ: -10.00% to close at N22.50
- TIP: -10.00% to close at N2.25
- NEM: -9.66% to close at N9.35
- CAVERTON: -9.55% to close at N1.42
Top Traded Stocks:
- Access Holdings
- GTCO
- Nigerian Breweries
- UBA
- Royal Exchange
SWOOTs and FUGAZ Update: Most SWOOT stocks closed flat, with only Zenith Bank and GTCO recording price changes. Among tier-1 banking stocks, trading sentiment was mostly flat, with declines observed in FBNH, Zenith Bank, Access Holdings, and UBA, while GTCO posted a slight increase.
