NGX Market Capitalization Drops by N206 Billion Amid Sell-Offs

Nigerian equities experienced a downturn as renewed sell-offs in selected stocks resulted in a market capitalization decrease of approximately N206 billion, bringing it down to N160.519 trillion. The NGX All-Share Index closed at 247,222.27 points, a decline from 247,537.73 points.

The market breadth was negative, with 55 stocks losing value compared to 20 gaining. Year-to-date returns stood at 58.87 percent.

Trading activity was mixed, with volume increasing by 22.0 percent week-on-week and value rising by 12.93 percent, although the number of deals fell by 6.23 percent. Investors traded 2.024 billion shares worth N110.773 billion across 173,113 deals.

The Financial Services sector led trading activity, contributing 54.89 percent of volume and 48.66 percent of value. The Industrial Goods sector saw a 1.95 percent gain, while Insurance suffered the largest decline at 2.80 percent.

ABC Transport was the top gainer with a 20.7 percent increase, while UPDC Reit led the decliners with a 17.3 percent drop.