Kayode Tokede
The Nigerian stock market reversed its prior days’ positive momentum as investors profit-taking in yesterday down market capitalisation by N1.9 trillion.
The downturn was broad-based, with only four stocks recording gains for the session while selloffs dominated across other counters.
The loss halted the recent positive run and pushed overall market value lower, reflecting renewed caution among investors despite improved trading activity.
The Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 2,897.67 basis points or 1.17 per cent, to close at 244,802.11 basis points.
Similarly, the overall market capitalisation value shed N1.9 trillion to close at N158.722 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTN Nigeria Communications, First Holdco, UACN, CAP and Zenith Bank.
Analysts noted that yesterday’s sell-off coincides with the run-up to the Dangote Petroleum Refinery Initial Public Offer (IPO), which will open on September 14, closes and to October 13, 2026. The pullback is attributed to investors raising funds ahead of the subscription.
Looking ahead, Cowry Assets Management Limited said, “we expect market sentiment to remain cautious amid continued profit taking and broad-based selling pressure.”
As measured by market breadth, market sentiment was negative, as four tickers gained relative to 63 losers. Ellah Lakes recorded the highest price gain of 7.07 per cent to close at N9.85, while Nigerian Exchange Group followed with a gain of 1.38 per cent to close at N131.90, per share.
Learn Africa appreciated by 1.16 per cent to close at N8.75, while Wema Bank rose by 0.68 per cent to close at N29.70, per share.
On the other hand, AVA Capital led the losers’ chart by 10 per cent to close at N5.40, per share. Fortis Global Insurance followed with a decline of 9.89 per cent to close at N1.64, while Abbey Bank declined by 9.74 per cent to close at N6.95, per share.
Critical Minerals Financing Corporation (CMFC) down by 9.66 per cent to close at N2.15, while First Holdco declined by 9.30 per cent to close at N136.00, per share.
The total volume traded advanced by 84.6 per cent to 753.317 million units, valued at N27.82 billion, and exchanged in 54,051 deals. Transactions in the shares of NEM Insurance topped the activity chart with 131.729 million shares valued at N4.070 billion. Mutual Benefits Assurance followed with 88.134 million shares worth N268.845 million, while Sterling Financial Holdings Company traded 40.865 million shares valued at N308.572 million.
Access Holdings traded 36.906 million shares valued at N1.048 billion, while Consolidated Hallmark Holdings transacted 35.515 million shares worth N223.067 million.