The Nigerian Exchange Limited (NGX) kicked off trading in March on a negative trajectory, with the All-Share Index (ASI) dropping by 0.34% amid selloffs in NASCON Allied Industries Plc and 32 other stocks.
The ASI declined by 366.26 points, closing at 107,455.13 points, signaling a weak start to the month. Despite this downturn, market capitalization rose by ₦95 billion (0.14%) to ₦67.288 trillion, fueled by the listing of an additional 18.2 billion shares of Fidelity Bank at ₦17.20 per share.
Market Performance: Banking Sector Weakness Persists
The decline was largely driven by price depreciation in large and mid-cap stocks, including:
- NASCON Allied Industries
- Africa Prudential
- United Capital
- Nigerian Aviation Handling Company (NAHCO)
Market analysts predict continued volatility, with Afrinvest Limited stating that “the bearish mood is expected to persist due to a lack of positive triggers.” Meanwhile, Vetiva Dealings & Brokerage noted that investor sentiment remains cautious, particularly in the banking sector.
Gainers and Losers: Mixed Sentiment Dominates
The market breadth remained negative, with 20 stocks gaining against 33 decliners.
Top Gainers:
- Learn Africa (+10%) – Closed at ₦3.63
- Nigerian Exchange Group (+10%) – Closed at ₦33
- Champion Breweries (+9.90%) – Closed at ₦4.33
- ABC Transport (+9.86%) – Closed at ₦1.56
- Tantalizer (+9.47%) – Closed at ₦2.08
Top Losers:
- Ikeja Hotel (-9.92%) – Closed at ₦10.90
- United Capital (-9.91%) – Closed at ₦20
- Cutix (-9.84%) – Closed at ₦2.29
- Multiverse Mining & Exploration (-9.74%) – Closed at ₦8.80
- Africa Prudential (-9.46%) – Closed at ₦32.05
Trading Volume Declines by 32.77%
The total volume traded fell by 32.77% to 308.809 million units, valued at ₦7.232 billion, across 15,474 deals.
Top Traded Stocks:
- Zenith Bank – 32.373 million shares, valued at ₦1.556 billion
- Fidelity Bank – 19.730 million shares, valued at ₦344.047 million
- Access Holdings – 16.881 million shares, valued at ₦430.846 million
- Nigerian Exchange Group – 15.024 million shares, valued at ₦46.496 million
- Ellah Lakes – 15.024 million shares, valued at ₦46.496 million
What’s Next for Investors?
As market sentiment remains fragile, analysts expect cautious trading in the coming sessions. Investors will closely watch banking sector trends and earnings reports for potential recovery signals.
Would the market rebound soon, or will the bearish trend continue? Stay tuned for more updates.
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