NGX All-Share Index Declines Amid Selling Pressure

On August 23, 2023, the Nigerian Exchange Limited (NGX) reported an extension of its bearish trend, with the benchmark All-Share Index declining by 1.35% to close at 239,351.16 points. Market capitalization also fell by 1.33% to ₦154.534 trillion.

This decline occurred despite increased participation in selected equities, resulting in a negative market breadth. A total of 6.242 billion shares valued at ₦157.764 billion were traded in 82,300 deals during the week, representing a 48.65% decline in volume and a 10.39% decline in value compared to the previous week.

The Financial Services Industry led trading activity, accounting for 5.594 billion shares worth ₦56.431 billion, contributing 89.62% of total equity turnover volume. The ICT Industry followed with 143.704 million shares valued at ₦29.793 billion, while the Services Industry ranked third with 138.672 million shares worth ₦1.751 billion.

Notably, Fortis Global Insurance Plc, Lasaco Assurance Plc, and Consolidated Hallmark Holdings Plc accounted for 4.168 billion shares worth ₦9.249 billion, highlighting the influence of low-priced insurance stocks on market volume.