Market bears persists on NGX as ASI tumbles 1.23%

Onome Amuge

The Nigerian stock market commenced the trading week on a bearish note, as the All-Share Index (ASI) shed 1.23 percent, closing at 104,216.87 points. This decline trimmed the year-to-date return to 1.25 percent.

Concurrently, market capitalisation contracted by 1.00 percent, settling at N65.49 trillion. This N458 billion erosion in equity value occurred on the same day that the Nigerian Exchange Limited (NGX) listed an additional 5,982,548,799 ordinary shares of First HoldCo Plc. The shares, with a nominal value of 50 kobo each, were listed at N25.00 per share on Monday, April 7, 2025.

The negative sentiment was reflected across all sectors of the exchange. The banking sector experienced the most  losses, declining by 5.48 percent, closely followed by the insurance sector, which slumped by 7.56 percent. The Consumer Goods, Oil & Gas, Industrial Goods, and Commodities sectors also recorded losses of 0.79 percent, 0.65 percent, 0.01 percent, and 0.10 percent, respectively.

Despite the widespread downturn, trading activity on the NGX recorded an uptick. This is as the number of deals surged by 37.10 percent, reaching 15,690 transactions. Similarly, the total volume of shares traded increased by 27.51 percent to 444.11 million units, while the total value of these transactions rose by 37.48 percent to N11.15 billion.

The overall market sentiment remained bearish, evident in the weak market breadth. By the close of the trading session, only nine stocks recorded gains, while  51 counters experienced declines.

Leading the gainers were VFD Group, which appreciated 10.00 percent, followed by Total Nigeria with a 9.61 percent increase, Guinea Insurance appreciating by 9.52 percent, International Energy Insurance(INTENEGINS) climbing 9.33 percent, and Abbey Building Society (ABBEYBDS) rising by 8.88 percent. 

On the flipside, Oando, NSLTECH, Cornerstone Insurance (CORNEREST), and RT Briscoe all recorded the maximum 10.00 percent loss. Honeywell Flour Mills (HONYFLOUR) also saw a 9.98 percent decline.