The Nigerian Exchange’s equities market capitalisation on Monday fell below N160 trillion as bears strike harder on mid- and large-cap stocks on the NGX.
N1.47 trillion was wiped out at the beginning of the week, continuing its bearish trend.
Last week, the equities market extended its losing streak to a third consecutive week, shedding about N534 billion in market value as sell-offs in major banking stocks weighed on investor sentiment, despite gains in oil and gas shares.
The downward trend continued on Monday as the All-Share Index declined by 0.91% to 245,278.34 points, moderating its year-to-date return to 57.62%.
As a result, market capitalisation fell by N1.47 trillion, settling at N159.26 trillion.
Stockbrokers reported that trading activity strengthened, with total volume traded up 34.85% to 349.34 million units, and transaction value up 37.96% to N17.99 billion.
The number of deals also increased by 34.85% to 43,115, indicating heightened trading activity despite the market’s broad decline.
Market breadth turned negative, with 15 gainers and 40 losers, yielding a 0.38x gainers-to-losers ratio, as declining stocks significantly outnumbered advancing stocks.
ACCESSCORP led in trading volume, with 23.44 million shares exchanged across 1,872 deals, while ARADEL dominated in trading value, recording transactions worth approximately N3.84 billion across 1,508 deals.
Sectoral performance was broadly negative, with the Industrial (-2.90%), Banking (-1.40%), Insurance (-0.89%), Consumer Goods (-0.16%), and Oil & Gas (-0.06%) indices recording losses, while Commodities remained flat.
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