Market Loses N440bn as Energy, Banking Stocks Decline

Market Loses N440bn as Energy, Banking Stocks Decline

Trading activity on the Nigerian Exchange Limited (NGX) was heavily influenced by profit-taking and divestments in major blue-chip equities on Thursday, particularly within the energy, banking and insurance sectors, wiping N440bn from the market capitalisation.

High-cap stock Aradel Holdings recorded significant losses, declining 5.40 per cent to close at N1,300.00, down from N1,374.20 per share.

Other notable decliners included Oando, which contracted 3.68 per cent to close at N34.00, and United Bank for Africa, dropping 2.17 per cent to N45.00. Institutional banking heavyweights Access Holdings, Zenith Bank and Guaranty Trust Holding Company also traded in negative territory, slipping 0.74 per cent to N26.95, 0.48 per cent to N123.40 and 0.23 per cent to N127.60, respectively.

Market breadth remained firmly negative as decliners outnumbered gainers across the board.

In the insurance space, International Energy Insurance topped the losers’ chart with a 9.85 per cent slump to N4.30, closely followed by Coronation Insurance, which contracted 9.84 per cent to N2.20, and Fortis Global Insurance, dropping 9.76 per cent to N1.85. Capital market operators such as AVA Capital and VFD Group also posted notable dips, contracting 7.89 per cent and 3.25 per cent to close at N7.00 and N11.90, respectively.

Despite the prevailing bearish sentiment, selective buying interest created pockets of gains in real estate, logistics, consumer goods and industrial lines.

Haldane McCall emerged as the top gainer on the exchange, rising 9.38 per cent to close at N3.85 per share, up from N3.52. Trans-Nationwide Express followed with an 8.90 per cent gain to settle at N3.06, while McNichols advanced 8.33 per cent to end at N5.20. Electrical…