Nigeria's equities market closed sharply lower on Tuesday, September 8, as heavy losses in banking and insurance stocks wiped N1.88 trillion from investors' wealth. The Nigerian Exchange Limited All-Share Index (ASI) fell 1.17% to 244,802.11 points from the previous session, reducing its year-to-date return to 57.31% from 59.18%.
Market Capitalisation Declines Amid Widespread Selling
Market capitalisation also declined to N158.72 trillion, reflecting widespread selling pressure across major market segments. The banking sector recorded the steepest decline, falling 5.29% as investors sold several major lenders following the market's strong gains this year.
Trading activities saw a total of 753.18 million shares worth N27.82 billion change hands in 54,051 deals. Trading volume increased by 84.67% from the previous session, while transaction value rose by 2.09%. The number of deals also increased by 3.30% during the session.
Sector Performance Shows Mixed Results
The market breadth showed the extent of the sell-off, with only four stocks recording gains against 65 decliners, as reported by Leadership. The NGX Banking Index led the sectoral losers, falling 5.29%, while the NGX Insurance Index declined 4.38%. The NGX Industrial Goods Index fell 0.64%.
However, some sectors posted gains. The NGX Consumer Goods Index gained 0.49%, while the NGX Oil and Gas Index rose 5.76%. The NGX Commodities Index advanced 4.04%.
Top Gainers and Losers
Among the top gainers, Ellah Lakes rose from N9.20 to N9.85, gaining N0.65, or 7.07%. NGX Group increased from N130.10 to N131.90, adding N1.80, or 1.38%. Learn Africa advanced from N8.65 to N8.75, gaining N0.10, or 1.16%. Wema Bank rose from N29.50 to N29.70, adding N0.20, or 0.68%. Chellaram remained unchanged at N9.70.
On the losing side, Abbey Mortgage Bank fell from N7.70 to N6.95, losing N0.75, or 9.74%. FTG Insurance declined from N1.82 to N1.64, shedding N0.18, or 9.89%. CMFC dropped from N2.38 to N2.15, losing N0.23, or 9.66%. AVA Capital fell from N6.00 to N5.40, losing N0.60, or 10.00%. FGSUK2033S6 declined from N115.00 to N100.49, shedding N14.50, or 12.61%.
Most Active Stocks and Refinery IPO Update
NEM Insurance led trading activity with 131.73 million shares valued at N4.07 billion. Mutual Benefits Assurance followed with 88.13 million shares worth N268.85 million. Sterling Financial Holdings Company recorded 40.86 million shares valued at N308.57 million. Access Corporation traded 36.91 million shares worth N1.05 billion, while Consolidated Hallmark Insurance recorded 35.52 million shares valued at N223.07 million.
Earlier, Legit.ng reported that the Securities and Exchange Commission has approved the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering, clearing the way for Nigerians and other eligible investors to buy into one of Africa's biggest industrial projects. The regulator approved the offer of 4.1 billion ordinary shares at N525 each, a transaction that could raise roughly N2.15 trillion if fully subscribed. The SEC also registered the refinery's existing 120.13 billion ordinary shares.
