NGX Index Declines 0.97% as Market Sentiment Weakens

The NGX benchmark index experienced a decline of 0.97% as the number of declining equities rose to 54, reflecting a deterioration in market breadth. The performance indicated that negative sentiment was widespread, limiting the market's upward momentum.

During the week, investors exchanged 2.715 billion shares valued at N158.280 billion, a decrease in trading volume by approximately 14.25% compared to the previous week, while the total value of transactions increased by about 2.10%. This divergence suggests fewer shares were traded, but with a higher aggregate transaction value.

A total of 24 equities appreciated, down from 44 the previous week, while 54 equities recorded price declines, up from 37. The Financial Services Industry led trading activity, accounting for 73.84% of total equity turnover volume and 52.39% of total turnover value, with 2.005 billion shares valued at N82.924 billion traded.

The Consumer Goods Industry and the Information and Communications Technology (ICT) Industry followed in trading volume.