NGX Opens September on a Low Led by Banks, Industrial, Oil & Gas Stocks Dip Market
- The Nigerian stock market extended its losing streak into the new month, making it 4 consecutive days of losses
- Data show that profit-taking weighed heavily on banking, industrial, and oil & gas stocks, with Eterna Plc among the top decliners
- While SCOA, Cornerstone Insurance, and Guinea Insurance recorded gains and Access Bank among the most actively traded stocks
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 month of September has kicked off on a low, as the Nigerian stock market closed on Monday, September 1, with a 0.41 percent depreciation.
Data from the Nigerian Exchange Limited (NGX) at the close of trading showed that the NGX All-Share Index (ASI) decreased from the preceding trading day’s high of 140,557.24 points to 139,722.19 points, a loss of 835.05 points.
Similarly, market capitalisation also fell from N88.934 trillion to N88.406 trillion, indicatiing a loss of N528 billion for investors.
Source: Getty Images
Banking, industrial, and oil & gas counters were the biggest drags on the market, reducing the year’s positive return to 35.75%.
All NGX sectoral indices closed in the red, with banking down 1.12%, industrial falling 0.85%, and oil & gas slipping 0.45%.
In 33,859 deals, securities traders exchanged 407,975,403 shares valued at N14.776 billion.
Top gainers4
- Sovereign Insurance rose from N2.60 to N2.86, up N0.26, or 10.00%.
- SCOA Nigeria advanced from N6.00 to N6.59, up N0.59, or 9.83%.
- Cornerstone Insurance increased from N6.39 to N6.90, up N0.51, or 7.98%.
- Guinea Insurance moved from N1.42 to N1.53, up N0.11, or 7.75%.
- NSL Technologies gained from N0.85 to N0.89, up N0.04, or 4.71%.
Source: Getty Images
Top losers
- Ellah Lakes Plc fell from N14.10 to N12.69, down N1.41, or 10.00%.
- Eterna Plc dropped from N38.00 to N34.20, down N3.80, or 10.00%.
- Veritas Kapital Plc declined from N2.10 to N1.89, down N0.21, or 10.00%.
- Lotus Halogen Plc decreased from N63.10 to N57.00, down N6.10, or 9.67%.
- Chams Plc slipped from N2.93 to N2.65, down N0.28, or 9.56%.
Most active stocks:
- First City Monument Bank led trading with 55,842,423 shares worth N601.69 million.
- Access Holdings Plc traded 31,945,536 shares worth N843.02 million.
- Fidelity Bank Plc exchanged 26,153,745 shares worth N547.92 million.
- NSL Technologies recorded 22,358,151 shares worth N19.52 million.
- AIICO Insurance Plc traded 17,724,025 shares worth N70.47 million.
Dollar crashes by 15.28%
Earlier, Legit.ng reported that Tanimu Yakubu, director-general of the Budget Office, disclosed that the naira strengthened by 15.28% against the US dollar over the past five months.
Yakubu said the rise in the naira’s value was driven by reforms, higher oil earnings, and increased diaspora inflows.
According to him, the Nigerian currency had appreciated to N1,525 per dollar by August 2025, recovering from lows of N1,800 in March 2024.
Source: Legit.ng
