NGX Opens October With N425.73 Billion Loss as Market Capitalisation Falls to N163.10 Trillion

The Nigerian stock market opened October on a negative note as investors lost N425.73 billion in market value amid renewed selling pressure on the Nigerian Exchange Limited (NGX).

Equity market capitalisation declined from N163.53 trillion to N163.10 trillion, representing a loss of approximately N425.73 billion during the trading session.

Similarly, the NGX All-Share Index declined by 701.53 points, or 0.28 percent to 251,211.67 points, indicating the weakness was recorded across parts of the equities market.

Despite the decline in the benchmark index, trading activity strengthened considerably as investors exchanged 1.035 billion shares valued at N53.64 billion across 44,469 deals.

This compared with 548.67 million shares worth N34.30 billion exchanged in 47,301 transactions in the preceding session.

Accordingly, trading volume increased by approximately 88.7 percent, while transaction value jumped by about 56.4 percent. The number of deals, however, declined by about 6 percent.

VFD Group dominated activity by volume with 367.32 million shares valued at N4.86 billion, accounting for more than a third of the total shares traded during the session.

UAC of Nigeria recorded 158.18 million shares worth N21.51 billion, making it the biggest contributor to market turnover by value.

Abbey Mortgage Bank followed with 72.43 million shares worth N507.11 million, while Chams traded 63.89 million shares valued at N199.82 million.

GTCO recorded 39.55 million shares worth N5.27 billion, completing the five most actively traded equities.

Market performance was mixed at the individual-stock level despite the decline in the broader benchmark.

Haldane McCall led the gainers after appreciating by the maximum 10 percent, rising from N3.10 to N3.41.

Consolidated Hallmark Holdings advanced 9.92 percent from N3.93 to N4.32, while Cornerstone Insurance gained 9.80 percent to close at N5.60.

LivingTrust Mortgage Bank appreciated 9.79 percent from N2.86 to N3.14, while ABC Transport gained 9.76 percent to settle at N6.75.

On the losing side, Learn Africa led the decline after shedding 10 percent to close at N7.65 from N8.50.

Thomas Wyatt Nigeria dropped 9.80 percent from N2.96 to N2.67, Sovereign Trust Insurance declined 6.78 percent to N2.20, while Guinea Insurance fell 6.67 percent to N0.70.

The N425.73 billion decline marked a weak start to October for Nigerian equities, even as the sharp increase in trading volume and value showed substantial investor activity remained in the market.