Buying interest was scarce on the Nigerian Exchange (NGX) on Tuesday as widespread selling pressure outweighed advances across the market, leaving Ellah Lakes Plc as the session’s best-performing stock despite a modest recovery among a handful of equities.
Ellah Lakes Plc led the gainers’ chart after its share price rose 7.07 percent from N9.20 to N9.85, making it the strongest performer in an otherwise weak trading session.
Unlike previous sessions that produced multiple strong gainers, Tuesday’s market recorded only four stocks with positive price movements, while one stock closed unchanged, underscoring the broad-based nature of the selloff.
Top Gainers
| Company | Previous Close | Current Price | Change |
|---|---|---|---|
| Ellah Lakes Plc | N9.20 | N9.85 | +7.07% |
| NGX Group Plc | N130.10 | N131.90 | +1.38% |
| Learn Africa Plc | N8.65 | N8.75 | +1.16% |
| Wema Bank Plc | N29.50 | N29.70 | +0.68% |
| Chellaram Plc | N9.70 | N9.70 | 0.00% |
The limited gains contrasted sharply with the day’s losers, where several equities declined close to the Exchange’s daily limit.
AVA Capital Plc fell 10.00 percent, FTG Insurance Plc declined 9.89 percent, Abbey Mortgage Bank Plc shed 9.74 percent, while CMFC Plc dropped 9.66 percent, indicating the intensity of the selling pressure across the market.
The weak market breadth coincided with a sharp decline in the broader market.
The NGX All-Share Index (ASI) fell 1.17 percent from 247,699.78 to 244,802.11 points, while equity market capitalisation declined by approximately N1.88 trillion from N160.600 trillion to N158.722 trillion.
Despite the market’s decline, trading activity strengthened considerably.
Investors traded 753.17 million shares worth N27.82 billion in 54,051 deals, compared with 407.85 million shares valued at N27.25 billion in 52,322 deals on Monday.
The sharp increase in trading volume alongside a lower market close indicates that selling activity intensified during the session.
Although Ellah Lakes stood out with a notable gain, the absence of widespread buying and the concentration of losses among several stocks suggest investors adopted a cautious approach, locking in profits and reducing exposure across the market.
The day’s trading reflected a clear shift from the optimism seen in the previous session, with sellers firmly in control despite isolated pockets of buying interest.
