NGX Declines 1.17% as Investors Lose N1.88 Trillion

On Tuesday, equity investors on the Nigerian Exchange (NGX) experienced a loss of approximately N1.88 trillion as profit-taking pressure affected major stocks, including MTN Nigeria, First HoldCo, AccessCorp, and GTCO. The NGX All-Share Index (ASI) fell by 1.17 percent, decreasing by 2,897.67 points to close at 244,802.11, with the year-to-date return adjusting to 57.31 percent.

The decline was primarily driven by losses in the banking sector, as investors engaged in profit-taking on medium- and large-cap stocks that had seen significant gains recently. Consequently, market capitalization dropped to N158.72 trillion.

Despite the decline, market activity increased, with total transaction volume rising by 84.67 percent and turnover by 2.09 percent. NEM Insurance was the most actively traded stock by volume, followed by MBENEFIT and STERLINGNG.

On the gainers’ chart, ELLAHLAKES led with a 7.07 percent increase, while the banking sector suffered the largest decline at 5.29 percent.