August 23, (THEWILL) — The Nigerian Exchange Limited (NGX) extended its bearish run during the week, as sustained selling pressure across major sectors dragged the benchmark All-Share Index lower, while market activity also weakened compared with the previous week.
The NGX All-Share Index declined by 1.35 percent to close at 239,351.16 points, while market capitalisation fell by 1.33 percent to ₦154.534 trillion. The decline came despite increased participation in selected equities, with market breadth remaining firmly negative.
A total of 6.242 billion shares valued at ₦157.764 billion exchanged hands in 82,300 deals during the week, compared with 12.153 billion shares worth ₦176.058 billion traded in the previous week. This represents a 48.65 percent decline in volume and a 10.39 percent decline in value, indicating a notable slowdown in overall trading activity.
The weaker turnover suggests that investors were more cautious during the week, even as the market continued to face broad selling pressure.
The Financial Services Industry remained the dominant force in trading activity, accounting for 5.594 billion shares worth ₦56.431 billion in 82,300 deals. The sector contributed 89.62 percent of total equity turnover volume and 35.77 percent of turnover value.
The dominance of financial stocks was followed by the ICT Industry, which recorded 143.704 million shares valued at ₦29.793 billion. The Services Industry ranked third with 138.672 million shares worth ₦1.751 billion.
Activity was heavily concentrated in a handful of equities. Fortis Global Insurance Plc, Lasaco Assurance Plc and Consolidated Hallmark Holdings Plc accounted for 4.168 billion shares worth ₦9.249 billion in 1,660 deals. Together, the three stocks contributed 66.77 per cent of total equity turnover volume but only 5.86 per cent of turnover value, highlighting the heavy influence of low-priced insurance stocks on overall market volume.
Market breadth also weakened during the week. Only 18 equities appreciated in price, down from 26 gainers recorded in the previous week. Meanwhile, 59 equities declined, unchanged from the previous week’s figure, while 70 equities remained unchanged, up from 62 previously.
The breadth shows that the week’s decline was not driven solely by a handful of large-cap stocks. Rather, selling pressure remained relatively widespread, with the number of advancing stocks falling significantly from the previous week.
TOP GAINERS
- HALDANE MCCALL 32.30 percent (N2.91 to N3.85).
- TRANSEXPR 16.20 percent (opened at N2.84 and dropped to N3.30).
- DANGSUGAR 5.19 percent (rising from N64.55 to N67.90).
- CADBURY advanced 4.68 percent (N62.00 to N64.90).
- UACN gained a 4.62 percent record (N170.00 to N177.85).
TOP DECLINERS
- INTENEGINS -27.26 percent (N5.32 to N3.87).
- FTGINSURE lost -23.95 percent (N2.63 to N2.00).
- ROYALEX declined by -18.49 percent (N1.19 to N0.97).
- REDSTAREX recorded a loss of -18.33 percent (N18.00 to N14.70).
- UPDC fell -10.67 percent (N3.75 to N3.35).
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Across the broader market, all sectoral indices closed lower with the exception of the NGX Consumer Goods Index, which edged up by 0.05 per cent. The NGX Sovereign Bond Index remained unchanged.
The sector-wide weakness reinforces the bearish tone of the market, as investors continued to reassess positions amid persistent selling pressure. The marginal gain recorded by the Consumer Goods Index, however, suggests some resilience in selected consumer-facing stocks despite the broader downturn.
Activity in the fixed-income segment also strengthened considerably during the week.
A total of 1.476 million units of bonds valued at ₦1.476 billion were traded in 46 deals, compared with 232,979 units worth ₦226.258 million in 35 deals recorded in the previous week.
This represents a substantial increase in both bond volume and value, indicating stronger activity in the fixed-income market even as equities struggled.
Overall, the week’s performance points to a market still dominated by cautious investor sentiment. The decline in the ASI and market capitalisation, coupled with the sharp reduction in the number of gainers and lower equity turnover, suggests that investors remained defensive.
While selected stocks delivered strong gains, these advances were insufficient to offset the broader sell-off. The market’s immediate direction will therefore depend on whether investors begin to return to fundamentally stronger counters or whether the current risk-off sentiment persists into the new week.
