The Nigerian Exchange (NGX) closed lower on Monday, October 5, with the All-Share Index shedding 306.76 points, or 0.12%, to settle at 250,501.51 points, according to a report by Legit.ng. Despite the decline, selected insurance, agricultural, and technology stocks recorded notable gains, bucking the broader market trend.
Top Gainers Lead Despite Market Dip
Sovereign Trust Insurance led the gainers' chart, rising by 10.00% to close at N2.31. FTN Cocoa Processors followed with a 9.97% gain to N8.38, while Triple Gee and Company advanced by 9.87% to N2.56. Learn Africa gained 9.80% to close at N8.40, and Livestock Feeds rose by 9.55% to N9.75.
Trading activity remained robust, with 875.26 million shares exchanged in 53,797 deals. The Financial Services sector dominated trading across the Premium and Main Boards, accounting for more than 517 million shares traded. Access Holdings led the sector with 440.65 million shares, followed by Fidelity Bank with 34.25 million shares and Zenith Bank with 25.44 million shares.
Top Losers and Sector Performance
Critical Minerals Financing led the decliners, falling by 9.80% to close at N4.05. ABC Transport fell 9.46% to N6.70, while Africa Prudential dropped 7.31% to N10.15. Japaul Gold & Ventures fell by 6.94% to N2.68, and Coronation Insurance declined by 6.36% to close at N2.21.
In the technology sector, Chams Holding Company drove trading activity with 25.80 million shares across 809 deals. MTN Nigeria Communications gained 0.24% to close at N842.00. In the consumer goods sector, Nestle Nigeria declined by 5.17% to N2,750.00, weighing on the sector's performance. Dangote Sugar Refinery, however, gained 2.94% to close at N70.00.
Dangote Foundation Launches Student Share Initiative
Earlier, Legit.ng reported that the Aliko Dangote Foundation (ADF) unveiled a Student Share Grant Initiative, offering qualifying Nigerian students 10 free shares in Dangote Petroleum Refinery and Petrochemicals FZE after they subscribe to the company's ongoing initial public offering (IPO). The programme is open to students aged 18 and above enrolled in public or private tertiary institutions across Nigeria. To qualify, a student must complete a verification process and subscribe to a minimum of 10 shares through the foundation's dedicated platform, ipo.alikodangotefoundation.org. The foundation will then fund the additional 10 shares in the student's name at no cost to them.
The market's mild decline reflects investor caution, though the strong performance of select stocks and the Dangote initiative may influence future trading sentiment.
