The Nigerian stock market extended its losing streak to five consecutive trading sessions on Tuesday, October 6, as investors lost N256 billion amid continued selling pressure. The NGX All-Share Index (ASI) dropped by 394.36 points, or 0.16%, to close at 250,273.50 points, down from 250,667.86 points in the previous session. Market capitalisation also declined by N256 billion to N162.495 trillion from N162.751 trillion, according to trading data from the Nigerian Exchange (NGX).
Banking Sector Leads Declines
The NGX Banking Index recorded the biggest sectoral loss, falling by 1.25% during the session. The NGX Insurance Index was the strongest performer, rising by 0.53%. The NGX Consumer Goods Index slipped by 0.04%, while the NGX Industrial Index was virtually flat, gaining 0.003%. The NGX Oil & Gas Index remained broadly unchanged, declining by 0.002%.
Investors have now recorded losses in every trading session since Tuesday, September 29, according to the report by Legit.ng.
Top Losers and Gainers
Critical Minerals Fin. Corp was the biggest decliner, dropping from N4.05 to N3.65, losing N0.40 (–9.88%). ABC Transport Plc fell from N6.70 to N6.05, shedding N0.65 (–9.70%). CWG Plc declined from N20.75 to N19.25, losing N1.50 (–7.23%). Zichis Agro Allied dropped from N18.25 to N17.05, down N1.20 (–6.58%). Neimeth International Pharmaceuticals fell from N8.10 to N7.60, losing N0.50 (–6.17%).
On the gainers' side, Tripple Gee & Co. Plc rose from N2.56 to N2.81, gaining N0.25 (+9.77%). Livestock Feeds Plc increased from N9.75 to N10.70, adding N0.95 (+9.74%). NPF Microfinance Bank advanced from N4.20 to N4.60, gaining N0.40 (+9.52%). Sovereign Trust Insurance rose from N2.31 to N2.50, up N0.19 (+8.23%). Coronation Insurance increased from N2.21 to N2.38, gaining N0.17 (+7.69%).
Most Active Stocks
A total of 579.17 million shares were traded in 40,979 deals, representing a 33.83% decline in volume compared with the previous session. Access Holdings led trading activity with 192.58 million shares traded in 1,887 deals. United Bank for Africa traded 32.75 million shares, Zenith Bank recorded 30.82 million shares, Fidelity Bank exchanged 29.92 million shares, and Guaranty Trust Holding Company traded 19.56 million shares.
In a related development, the Aliko Dangote Foundation (ADF) has unveiled a Student Share Grant Initiative that will give 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 who are enrolled in public or private tertiary institutions across Nigeria. To qualify, students must complete a verification process and subscribe to at least 10 shares through the foundation's dedicated platform, ipo.alikodangotefoundation.org. This initiative could potentially boost retail participation in the capital market as the NGX continues to face selling pressure.
