NGX Sees N206bn Loss Despite 2.02bn Shares Traded

Last week, investors on the Nigerian Exchange Limited (NGX) traded 2.024 billion shares valued at N110.773 billion across 173,113 deals. This activity occurred amid renewed selling pressure that resulted in a N206 billion decline in the market's capitalisation.

The benchmark NGX All-Share Index (ASI) fell by 0.97 percent week-on-week, closing at 247,222.27 points, with market capitalisation decreasing to N160.52 trillion from the previous week. Despite the market's bearish performance, trading activity increased compared to the prior week, where 1.659 billion shares valued at N98.088 billion were traded in 184,632 deals.

The Financial Services Industry led trading by volume, contributing 54.89 percent of total equity turnover. Multitrex Integrated Foods Plc, Zenith Bank Plc, and Livestock Feeds Plc were the most actively traded stocks.

Market breadth was negative, with 55 stocks declining against 20 gainers. ABC Transport Plc led the gainers, while Omatek Ventures Plc recorded the steepest decline.

Cowry Assets Management Limited indicated that future market direction would depend on corporate earnings expectations and broader investor sentiment.