NGX dips 0.86%, sheds N1.3tn in selloff

Nigeria’s equities market lost N1.347tn in value as investors exited bellwether stocks, triggering a broad sell-off across key sectors. The decline reflects renewed profit-taking and risk-off sentiment, with heavyweight counters driving the downturn and weighing on overall market capitalisation.

Specifically, the All-Share Index declined by 2,098.31 points, representing a loss of 0.86 per cent to close at 241,750.15 points. Similarly, market capitalisation dipped by N1.347tn to close at N155.152tn.

The downturn was driven by price depreciation in large- and medium-capitalised stocks, including Aradel Holdings, MTN Nigeria Communications, Guinness Nigeria, Beta Glass, and Lafarge Africa. Looking ahead, Cowry Assets Management Limited noted that the market is expected to trade cautiously, driven by continued investor positioning.

Despite the downturn, market breadth remained positive, with 45 gainers outpacing 26 decliners. R.T. Briscoe Nigeria emerged as the top gainer, rising 10 per cent to close at N2.09 per share.

McNichols, Vitafoam Nigeria, and Zichis Agro Allied Industries followed with gains of 10 per cent each, closing at N7.92, N170.50, and N25.08, respectively.

Chemical and Allied Products appreciated 9.99 per cent to close at N175.65, while Dangote Sugar Refinery advanced 9.98 per cent to close at N84.30 per share.

On the laggards’ side, Guinness Nigeria led the losers’ chart, dropping 10 per cent to close at N447.30. Union Dicon Salt followed with a 9.82 per cent decline to close at N19.75, while AIICO Insurance fell 9.28 per cent to close at N4.30. Wema Bank lost 8.72 per cent to close at N30.35, and MTNN depreciated 8.63 per cent to close at N836.00.

Meanwhile, the total volume of trades rose 31.09 per cent to 1.268 billion units, valued at N75.226bn across 102,665 deals. FCMB Group led activity with 160.591 million shares worth N1.770bn. Guaranty Trust Holding Company followed with 94.095 million shares valued at N13.091bn, while Access Holdings traded 81.771 million shares valued at N2.072bn. Zenith Bank and Fidelity Bank also recorded significant activity, trading shares worth N8.073bn and N911.829m, respectively.