The Nigerian Exchange (NGX) extended its losing streak to a second day on Tuesday, August 18, as investors continued to take profits across several key sectors, erasing the week's earlier gains and pushing the weekly return into negative territory. The market capitalization dropped by N545 billion, settling at N155.973 trillion.
Market Indices and Sector Performance
The NGX All-Share Index (ASI) fell by 843.42 points to close at 241,611.23 points, down from 242,454.65 points at the previous session. Market capitalization declined to N155.973 trillion from N156.518 trillion, reflecting a N545 billion loss.
Sector performance was mixed, with the banking sector leading the decline by 1.83%. The consumer goods index fell by 0.13%, while the oil and gas sector dipped by 0.01%. The insurance index gained 0.04%, and the industrial goods index closed flat.
Top Gainers and Losers
Investor sentiment remained weak, with 22 stocks recording gains against 37 decliners, resulting in negative market breadth. Among the top losers, Red Star Express fell by 10.00% to N16.20, Trans-Nationwide Express declined by 9.94% to N2.81, Meyer & Baker dropped by 9.88% to N15.05, Chellarams fell by 9.77% to N9.70, and Fortis Global Insurance declined by 9.70% to N2.14.
On the gainers' side, Haldane McCall surged by 9.97% to N3.20, Veritas Kapital climbed by 7.09% to N1.36, Tantalizers rose by 5.26% to N4.00, RT Briscoe appreciated by 4.31% to N10.90, and Regency Alliance gained 3.66% to N0.85.
Trading Activity and Notable Transactions
A total of 429.8 million shares worth N27.5 billion were traded in 35,683 deals, compared with 1.3 billion shares valued at N22.9 billion in the previous session. Sterling Financial Holdings led with 51.6 million shares valued at N390.6 million. FCMB traded 50.0 million shares worth N584.8 million. Chams exchanged 32.4 million shares valued at N134.5 million. Veritas Kapital recorded 180 million shares worth N24.3 million, and First HoldCo traded 17.0 million shares valued at N2.2 billion.
Earlier, Legit.ng reported that First HoldCo Plc chairman, Femi Otedola, acquired approximately 680.8 million additional shares through a private placement at an estimated cost of N29.6 billion. The transaction is expected to significantly strengthen his holdings in the company as First HoldCo continues its equity capital program. The private placement offer size was around N45 billion.
