The Nigerian Exchange Limited (NGX) recorded a significant decline yesterday as market capitalization dropped by ₦1.1 trillion, driven by selloffs in 41 stocks. The All-Share Index (ASI) fell by 1,745.16 points, representing a 1.66% decline, to close at 103,622.09 points, while market capitalization settled at ₦63.188 trillion. The downturn was attributed to price depreciation in major stocks, including Dangote Cement, Julius Berger, MTN Nigeria, Nigerian Exchange Group, and Ikeja Hotels.
Analysts expect mixed market sentiment to persist, with investors capitalizing on profits from previous gainers while exploring bargain opportunities. Market sentiment, measured by market breadth, remained negative as 23 stocks gained, while 41 lost. However, analysts project mild gains in the coming sessions as bargain hunting creates room for recovery.
Trading activity saw the total volume traded rise by 1.1% to 511.157 million units, valued at ₦12.759 billion, across 13,052 deals. Shares of Guaranty Trust Holding Company led with 54.352 million shares worth ₦3.152 billion, followed by Nigerian Breweries and Universal Insurance. The market remains poised for mixed trading sessions as investors balance profit-taking and the search for undervalued stocks.
