NGX index drops to 250,096.75 amid extended bearish trend

The Nigerian equities market extended its downward trend on Wednesday as the NGX All-Share Index dropped to 250,096.75 points from the 250,273.50 points recorded in the previous session, reflecting persistent bearish sentiment across the floor of the Nigerian Exchange Limited.

The decline eroded overall market capitalisation down to N162.39tn, despite the benchmark

Monetary Policy Rate of the Central Bank of Nigeria remaining unchanged at 23.00 per cent.

Sectoral performance closed mixed, with the NGX Main-Board Index falling to 10,851.32, the NGX 30 Index dipping to 9,203.79, and the NGX Banking Index easing to 2,644.49, while the NGX Insurance Index bucked the trend with a slight gain to 1,093.69. Total market turnover recorded 446.90m shares traded across 38,808 deals.

Tripple Gee and Company Plc topped the gainers’ table, surging 9.96 per cent to close at N3.09. Critical Minerals Financing Corp Plc followed closely, gaining 9.86 per cent to N4.01, while Champion Breweries Plc advanced by 9.50 per cent to finish at N10.95. Other notable gainers included Coronation Insurance Plc, which rose 9.24 per cent to N2.60.

Multi-Trex Integrated Foods Plc, up 8.33 per cent to N0.39; Royal Exchange Plc, gaining 8.00 per cent to N1.08; Guinea Insurance Plc, adding 6.85 per cent to N0.78; and Secure Electronic Technology Plc, which moved up 4.29 per cent to N0.73. Positive traction was also seen in Cadbury Nigeria Plc, Livestock Feeds Plc, UPDC Real Estate Investment Trust, AVA Capital Plc, Cutix Plc, VFD Group Plc, and Zenith Bank Plc, which added 0.22 per cent to close at N135.80. Conversely, STANBIC IBTC ETF 30 and The SIAMPL Pension ETF 40 recorded the steepest losses of the day, both plunging 10.00 per cent to close at N1,260.90 and N2,016.00, respectively. Thomas Wyatt Nigeria Plc fell 9.74 per cent to N2.41, NewGold Exchange Traded Fund slid 9.63 per cent to N84,500.04, Legend Internet Plc dropped 9.59 per cent to N3.65, and C & I Leasing Plc dropped 9.35 per cent to N5.35.

Selling pressure also weighed on Sovereign Trust Insurance Plc, Livingtrust Mortgage Bank Plc, Lotus Halal Equity ETF, Neimeth International Pharmaceuticals Plc, Veritas Kapital Assurance Plc, Oando Plc, Wema Bank Plc, Transnational Corporation Plc, Dangote Sugar Refinery Plc, and United Bank for Africa Plc, which dipped 1.22 per cent to N44.50.

Trading in alternative asset classes saw 1,021 deals executed in Exchange Traded Products for a total volume of 445,154 units. In the bond segment, investors completed 12 trades involving

42,409 units, driven primarily by non-interest finance board securities where the 11.200% FGN JUN 2027 Sukuk jumped 26.53 per cent to N100.00 and the 19.75% FGN MAY 2032 Sukuk gained 2.84 per cent to settle at N115.40.

Source: https://punchng.com/ngx-index-drops-to-250096-75-amid-extended-bearish-trend/