NGX drops N425bn on month-end profit-taking

The Nigerian equities market reported a loss of N425.73 billion in investor wealth during the final trading session of September, as profit-taking took its toll on key benchmark metrics. The All-Share Index of the Nigerian Exchange Limited decreased by 0.28 percent, settling at 251,211.67 basis points, down from 251,913.20 points the previous day.

Total market capitalization declined from N163.53 trillion to N163.10 trillion. While sentiment remained mixed across sector indices, heavy selling pressure affected blue-chip banking and telecommunications firms. The NGX Banking Index dropped 0.58 percent to 2,712.10 points, and the NGX Insurance Index fell 1.01 percent to 1,087.10 points.

In contrast, the NGX Industrial Index gained 0.66 percent to 10,440.27 points, driven by increased buying interest in BUA Cement Plc. The NGX Consumer Goods Index also showed a slight rise of 0.04 percent to 4,058.25 points, while the NGX Growth Index expanded by 0.68 percent to 27,452.85 points. Trading activity surged, with 1.035 billion shares exchanged in 44,398 deals.

VFD Group Plc led the volume, with 367.32 million shares traded, followed by UAC of Nigeria Plc, Abbey Mortgage Bank Plc, Chams Holding Company Plc, and Guaranty Trust Holding Company Plc. Among the gainers, Haldane McCall Plc topped the list, advancing by the maximum daily limit of 10.00 percent to close at N3.41 per share. Critical Minerals Financing Corp Plc, Cornerstone Insurance Plc, LivingTrust Mortgage Bank Plc, and ABC Transport Plc also experienced significant gains.

On the downside, Learn Africa Plc led the decliners, falling 10.00 percent to N7.65 per share. Tier-one lenders, including Access Holdings Plc, United Bank for Africa Plc, and GTCO, faced selling pressure.