Nigerian Stocks Lose N1.76 Trillion As Profit-Taking Sends NGX Deeper Into the Red
- The NGX All-Share Index dropped 1.12% on Wednesday, August 12, as profit-taking in large-cap stocks extended the market's losing streak
- BUA Foods and Unilever Nigeria were among the biggest decliners, shedding close to 10% each in a single trading session
- Despite the sell-off, market breadth stayed even with 28 gainers and 28 decliners, pointing to concentrated rather than widespread weakness
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market extended its bearish run on Wednesday, August 12, as investors continued profit-taking, deepening the previous session’s losses.
Data from the Nigerian Exchange Limited (NGX) showed that the market downturn was driven by selling pressure in selected large-cap stocks, despite buying interest in several counters.
Source: Getty Images
The market’s year-to-date return moderated to 56.78% after investors lost approximately N1.76 trillion in market value.
At the close of trading, the NGX All-Share Index (ASI) declined by 1.12% to 243,967.09 points, down from 246,723.57 points in the previous session.
Sector performance
The bearish performance was largely driven by losses in heavyweight stocks, with BUA Foods, Unilever, Access Holdings, UACN, HBMNG, Fidelity Bank, UBA, Zenith Bank, and GTCO among the major decliners.
Despite the market decline, breadth remained balanced, with 28 gainers and 28 decliners, suggesting that the weakness was concentrated in key large-cap stocks rather than broad-based selling.
Top losers
- BUA Foods fell from N845.10 to N760.60, losing N84.50 (-10.00%).
- Unilever Nigeria declined from N145.95 to N131.40, shedding N14.55 (-9.97%).
- John Holt dropped from N10.10 to N9.10, losing N1.00 (-9.90%).
- AVA Capital fell from N8.95 to N8.10, down N0.85 (-9.50%).
- Austin Laz & Company declined from N3.18 to N2.90, losing N0.28 (-8.81%).
Top gainers
- International Energy Insurance rose from N4.00 to N4.40, gaining N0.40 (+10.00%).
- Ecobank Transnational advanced from N64.95 to N71.40, adding N6.45 (+9.93%).
- Trans-Nationwide Express increased from N2.15 to N2.36, gaining N0.21 (+9.77%).
- Computer Warehouse Group climbed from N19.50 to N21.40, up N1.90 (+9.74%).
- Cornerstone Insurance rose from N5.15 to N5.50, gaining N0.35 (+6.80%).
Source: Getty Images
Most active stocks
- A total of 1.46 billion shares valued at N20.94 billion were traded in 39,085 deals.
- FTG Insurance led the activity chart with 853.16 million shares worth N2.58 billion.
- Universal Insurance traded 251.82 million shares valued at N214.10 million.
- Chams exchanged 40.00 million shares worth N180.97 million.
- First HoldCo recorded 28.28 million shares valued at N3.90 billion.
- Access Holdings traded 25.38 million shares worth N702.35 million.
Titan, Union Bank becomes one
Earlier, Legit.ng reported that the consolidation of Titan Trust Bank and Union Bank had reduced the number of licensed commercial banks in the country.
There is also speculation that Providus Bank could acquire Unity Bank, potentially leading to another reduction in the number of commercial banks operating in Nigeria.
The Central Bank of Nigeria (CBN) is responsible for licensing, supervising, and regulating banks and other financial institutions in the country.
Source: Legit.ng
