NGX Falls for Second Straight Day, Banking Stocks Lead Decline
- The stock market on Thursday extended its losing streak to 2 days and has now erased this week’s return into negative territory
- The decline was driven by Profit-taking in banking, consumer goods, industrial, and oil & gas stocks
- Omatek, Ellah Lakes, and Royal Exchange were among the top decliners, while Champion Breweries, Access Holdings part of the actively traded
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market closed negatively for the second consecutive session on Thursday, August 26.
Data showed that the market downturn was driven by profit-taking in banking, consumer goods, industrial, and oil & gas stocks, despite mild gains recorded in the insurance sector.
Source: Facebook
The market’s year-to-date return has dropped to 35.56% while week’s return after 4 days of trading is in the red zone at –0.32%.
At the close of trading, the NGX All-Share Index (ASI) fell from 141,248.76 points to 140,557.24 points, while market capitalisation declined from N89.372 trillion to N88.934 trillion.
Sector performance
- NGX Banking Index led the losers, dropping by 1.41%.
- NGX Consumer Goods Index followed with a decline of 0.92%.
- NGX Industrial Index slipped by 0.45%.
- NGX Oil & Gas Index dipped slightly by 0.02%.
- NGX Insurance Index was the only gainer, rising by 0.44%.
Top losers
- Omatek fell from N1.45 to N1.32, losing N0.13 (–8.97%).
- Ellah Lakes dropped from N14.95 to N13.68, losing N1.27 (–8.49%).
- Royal Exchange decreased from N2.15 to N2.00, shedding N0.15 (–6.98%).
- IntEnEgIns declined from N3.64 to N3.29, losing N0.35 (–9.62%).
- LotusHal15 fell from N77.43 to N69.71, down N7.72 (–9.97%).
Top gainers
- SCOA rose from N5.50 to N6.05, gaining N0.55 (+10.00%).
- RT Briscoe advanced from N3.06 to N3.36, adding N0.30 (+9.80%).
- NEM Insurance increased from N28.90 to N31.20, gaining N2.30 (+7.96%).
- NGX Group jumped from N53.55 to N57.80, up N4.25 (+7.94%)
- McNichols gained from N3.55 to N3.80, rising N0.25 (+7.04%).
Most active stocks
A total of 885.02 million shares worth N28.3 billion were exchanged in 26,163 deals.
- Champion Breweries led with 201.05 million shares valued at N3.47 billion.
- Access Holdings traded 102.18 million shares worth N2.76 billion.
- GTCO exchanged 96.45 million shares valued at N8.89 billion.
- Sterling Financial Holdings Company traded 90.82 million shares worth N726.59 million.
- FBN Holdings recorded 46.26 million shares valued at N1.50 billion.
Naira recovers against the dollar
Earlier, Legit.ng reported that the naira appreciated against the United States dollar in the official foreign exchange market.
However, pressure persisted in the parallel market as BDC operators continued to raise exchange rates.
Source: Legit.ng
