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NGX’s Monday Dip Intensifies Volatility, ASI Declines By 0.15%

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Amidst a bearish start to the week, the NGX encountered a marginal setback as the All-Share Index experienced a slight dip of 0.15%, closing at 71,008.7 points. This decline marked a negative shift, reflecting a loss of N57 billion in market capitalization, resting at N39.051 trillion.

Despite this downturn, standout performances were witnessed, notably by Mercure, showcasing a climb of 9.95% and solidifying a substantial 112.8% gain from its debut price.

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The market’s breadth painted a mixed picture as 33 stocks saw gains while 15 ended in the red. However, the uptick in the number of deals, rising to 6,551 from the previous session’s 5,883, suggested increased investor activity.

Nevertheless, trading volume saw an 18.8% decline, settling at 358.446 million units, while the total trading value also saw a drop to N4.36 billion from last Friday’s N6.03 billion.

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In a day where volatility persisted, certain stocks stood out, with MECURE (+9.95%), MULTIVERSE (+9.92%), and ABCTRANS (+9.88%) among the top gainers. Conversely, RTBRISCOE (-9.84%) and PRESTIGE (-9.09%) were among the top losers.

The top traded stocks included ACCESSCORP, AIICO, UNIVINSURE, JAPAULGOLD, and VERITASKAP, each contributing to the day’s trading volume.

Interestingly, among the stocks worth over one trillion, the market remained relatively stable, with several key players such as AIRTELAFRI, BUACEMENT, DANGCEM, MTNN, and SEPLAT showing no price fluctuations. However, GTCO (+0.27%) and ZENITHBANK (-0.75%) witnessed slight movements.

In the banking sector, mixed sentiments prevailed as FBNH (+4.2%) and GTCO (+0.27%) registered gains, while ACCESSCORP (-0.58%), UBA (-0.48%), and ZENITHBANK (-0.75%) experienced declines.

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Amidst the broader negative trend, certain pockets of resilience and movement showcase the market’s ability to navigate volatility, hinting at potential shifts and opportunities in the days ahead.

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Emmanuel Ochayi
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