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The NGX reversed Monday’s strong rally as market capitalisation fell by ₦1.17 trillion to ₦159.255 trillion, while the All-Share Index dropped 0.73 percent to 246,723.57 points.
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Market breadth remained slightly positive, with 28 gainers against 27 decliners, although heavy losses in some large and actively traded stocks dragged the benchmark lower.
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UPDCREIT, FTNCOCOA and CILEASING led the gainers, while Thomas Wyatt, AVA Capital and International Energy Insurance recorded the biggest declines.
August 11, (THEWILL) — The Nigerian equities market gave back a significant portion of the previous session’s gains on Tuesday as investors took profits across selected counters, sending market capitalisation down by ₦1.17 trillion.
Market capitalisation fell from ₦160.421 trillion at the opening of trading to ₦159.255 trillion at the close, representing a decline of ₦1.166 trillion.
The NGX All-Share Index similarly declined by 1,806.18 points, or 0.73 percent, to close at 246,723.57 points from 248,529.75 points recorded at the previous session.
Despite the decline in the benchmark, market breadth was marginally positive, with 28 equities gaining against 27 decliners. This indicated that the sell-off was concentrated in selected stocks rather than being broad-based across the market.
Investor sentiment turned cautious as investors appeared to lock in profits following Monday’s sharp market rally. The retreat in the ASI suggests that buying momentum weakened, particularly among stocks that had recorded strong gains in recent sessions.
However, the relatively balanced market breadth shows that pockets of buying interest remained, with investors continuing to reposition across selected insurance, financial and consumer-facing stocks.
The market’s performance also highlights the volatility accompanying the current rally, as investors balance the opportunity for further gains against the need to secure profits after the recent upward movement.
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Top 5 Gainers
- UPDCREIT gained 10.00 percent (moving upward from N13.50 to N14.85).
- FTNCOCOA gained 9.88 percent (from N8.10 to N8.90).
- CILEASING gained 8.26 percent (from N5.45 to N5.90).
- SOVRENINS gained 6.74 percent (opened at N1.78 and closed at N1.90).
- REGALINS gained 6.33 percent (N0.79 to N0.84).
Top 5 Decliners
- THOMASWY declined by 9.97 percent (N3.21 to N2.89).
- AVACAP declined by 9.60 percent ( falling from N9.90 to N8.95).
- INTENEGINS declined by 6.32 percent (from N4.27 to N4.00).
- INTBREW declined by 5.98 percent ( dropping from N11.70 to N11.00).
- GUINEAINS declined by 5.31 percent (N0.78 to N0.74).
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Meanwhile, Dangote Cement, HBM Nigeria, Custodian Investment, Julius Berger, John Holt Plc, Champion Brewery, Nestlé Nigeria and several other stocks closed flat for the day.
Investors are likely to remain cautious in the next trading session as the market searches for direction following two sharply contrasting sessions.
While the retreat could encourage further profit-taking, renewed buying in fundamentally strong and undervalued counters could help stabilise the benchmark.
The ability of the ASI to hold above the 246,000-point level, alongside developments in market breadth and activity in heavyweight stocks, will be key to determining the market’s near-term direction.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
