NGX drops N425bn on month-end profit-taking

The Nigerian equities market concluded September on a negative note, with investors realizing a loss of N425.73 billion as profit-taking took its toll on key benchmark metrics. The All-Share Index of the Nigerian Exchange Limited fell by 0.28 percent, settling at 251,211.67 basis points, down from 251,913.20 points the previous day.

Total market capitalisation dwindled from N163.53 trillion to N163.10 trillion, indicating a contraction in the market's value. Market sentiment remained mixed, with heavy selling pressure impacting blue-chip banking and telecommunications firms. However, selective demand in industrial and consumer goods stocks provided a mild relief.

The NGX Premium Index slipped by 1.02 percent to close at 31,771.57 points, primarily due to losses in major telecom and banking giants. The NGX Banking Index dropped by 0.58 percent to 2,712.10 points, while the NGX Insurance Index fell by 1.01 percent to 1,087.10 points. Conversely, the NGX Industrial Index gained 0.66 percent to reach 10,440.27 points, driven by increased buying interest in BUA Cement Plc. The NGX Consumer Goods Index recorded a slight rise of 0.04 percent to 4,058.25 points, and the NGX Growth Index expanded by 0.68 percent to 27,452.85 points.

Trading volume across the bourse was substantial, with investors exchanging 1.035 billion shares in 44,398 deals. Berger Paints boss demanded a shift towards problem-solving innovation, while Sanwo-Olu called for stronger structures to support Africa's capital markets. VFD Group Plc led the volume chart, with 367.32 million shares exchanged, followed by UAC of Nigeria Plc (158.18 million shares), Abbey Mortgage Bank Plc (72.43 million shares), Chams Holding Company Plc (63.89 million shares), and Guaranty Trust Holding Company Plc (39.55 million shares).

Haldane McCall Plc emerged as the top performer, advancing by 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 made significant gains. On the downside, Learn Africa Plc led the decliners, dropping 10.00 percent to N7.65 per share.

Other notable losers included Thomas Wyatt Nigeria Plc, Sovereign Trust Insurance Plc, and MTN Nigeria Communications Plc. Tier-one lenders like Access Holdings Plc, United Bank for Africa Plc, and GTCO also faced selling pressure.