The Nigerian Exchange (NGX) Limited recorded a second consecutive session of decline on Wednesday, August 26, as the equities market depreciated by 0.17% on sustained profit-taking by investors. The All-Share Index (ASI) shed 402.25 points to close at 238,682.92 points, down from 239,085.17 points in the previous session. Market capitalisation declined by N260 billion to N154.137 trillion from N154.397 trillion, according to market data.
Sector Performance and Key Drivers
Market data showed that selling pressure across major sectors drove the decline. The NGX Insurance Index fell by 0.94%, the NGX Banking Index declined by 0.41%, and the NGX Consumer Goods Index dropped by 0.28%. The NGX Oil & Gas Index also declined by 0.11%, while the NGX Industrial Goods Index remained flat.
Trading resumed after a one-day break for the public holiday declared by the federal government on Tuesday. The negative market breadth reflected weak investor sentiment, with 17 stocks recording price gains compared with 41 decliners.
Top Losers and Gainers
Fidson led the losers, crashing by 9.99% to N84.20, followed by FTN Cocoa, which tumbled by 9.94% to N7.79. International Energy Insurance dropped by 9.74% to N3.15, Livestock Feeds dipped by 9.43% to N7.20, and Omatek lost 9.42% to close at N1.25.
On the gainers' side, Neimeth expanded by 9.66% to N7.95, NEM Insurance improved by 6.67% to N32.00, Regency Alliance rose by 6.25% to 85 kobo, Linkage Assurance gained 5.62% to close at N1.88, and UPDC REIT grew by 2.88% to 40 kobo.
Most Active Stocks and Trading Activity
Fortis Global Insurance led the activity chart with 134.0 million shares worth N268.0 million. First Holdco traded 88.9 million shares valued at N11.1 billion, while Access Holdings exchanged 32.7 million shares worth N910.5 million. Zenith Bank traded 30.9 million shares valued at N3.7 billion, and Veritas Kapital transacted 28.6 million shares worth N34.1 million.
At the close of business, investors traded 733.4 million shares worth N34.5 billion in 49,210 deals, compared with 668.7 million shares valued at N23.8 billion in 45,894 deals in the previous session. Trading volume increased by 9.68%, trading value rose by 44.96%, and the number of deals advanced by 7.23%.
The decline in the NGX reflects ongoing market volatility, with investors weighing corporate earnings and macroeconomic conditions. The market's performance in the coming sessions will depend on the balance between profit-taking and bargain hunting, according to analysts.
