Onome Amuge
The Nigerian Exchange (NGX) saw a reversal in investor sentiment on Tuesday, snapping Monday’s positive momentum as the All-Share Index (ASI) fell by 0.33 per cent to 146,938.86 points. Market capitalisation contracted by N310.87 billion to N93.66 trillion, marking a significant loss in market value in a single session.
Market participants were largely on the defensive, with bearish sentiment prevailing across sectors. Of the 53 active stocks on the floor, 31 declined against 22 gainers, resulting in a market breadth of 0.65x. The losses were led by notable laggards including Eterna Plc, Austin Laz & Co. Plc, Transcorp Hotels, Ikeja Hotel Plc, and UACN, whose share prices experienced steep declines, eroding investor wealth and offsetting gains from smaller rallies.
The day’s heaviest declines came from Eterna Plc, which shed 10 per cent to close at N31.95 per share, down from N35.50 the previous day. Similarly, Austin Laz & Co. Plc retreated 10 per cent to N2.07 per share, while Transcorp Hotels slipped 9.95 per cent to N155.60 per share. Analysts attributed the sharp losses in these stocks to sector-specific pressures and profit-taking, with investors seemingly cautious in light of broader market uncertainties.
Other notable decliners included Ikeja Hotel Plc and UACN, reinforcing a pattern of pressure across the hospitality and consumer segments. Sector-wise, Insurance bore the brunt, posting the heaviest drop of 1.53 per cent, followed by Consumer Goods, down 0.49 per cent, and Industrial Goods and Banking, both retreating marginally by 0.06 per cent. Conversely, the Oil & Gas sector eked out a modest gain of 0.08 per cent, while the Consumer Goods sector closed largely flat.
While losses dominated, a few stocks bucked the trend. Learn Africa Plc, Mecure, and Deap Capital led the risers with gains of 9.57 per cent, 8.72 per cent, and 7.50 per cent, closing at N6.30, N32.40, and N1.72 per share, respectively. However, these advances provided limited consolation given the scale of declines elsewhere and the overall contraction in market capitalisation.
Trading activity reflected heightened volatility. Total traded volume surged by 258.34% to 1.97 billion units, while transaction value jumped 118.18% to N30.23 billion. Yet the number of deals fell 23.44% to 23,038, suggesting that larger block trades dominated proceedings rather than broad-based market participation.
On the volume index, Access Corp Holding was the most actively traded, moving 183 million shares across 1,625 deals, followed by Cornerstone Insurance, which exchanged 115 million shares in 82 deals. Consolidated Hallmark Plc also saw significant activity, trading 79 million shares in 39 deals. On the value index, Stanbic IBTC Plc led with equities worth N4.0 billion in 178 deals, followed closely by Access Corp Holding, whose transactions totaled N3.7 billion, while Guaranty Trust Holding Plc saw N2.9 billion worth of shares change hands in 1,049 deals.
