NGX edges lower as insurance gains soften market losses
The Nigerian Exchange Limited closed slightly lower on Monday, with the All-Share Index shedding 0.12%, though gains in insurance stocks helped soften loss Read More: https://punchng.com/ngx-edges-lower-as-insurance-gains-soften-market-losses/
The Nigerian Exchange Limited's benchmark All-Share Index experienced a minor decline of 306.76 basis points, or 0.12%, closing at 250,501.51 points on Monday. Despite this overall downtrend, market sentiment remained stable across various sectors, with selective buying in insurance, agricultural, and tech stocks. Sovereign Trust Insurance Plc led the gains, surging 10.00% to N2.31, followed by FTN Cocoa Processors Plc's 9.97% increase to N8.38 and Tripple Gee and Company Plc's 9.87% rise to N2.56.
Learn Africa Plc and Livestock Feeds Plc also performed well, with gains of 9.80% and 9.55%, respectively. Conversely, Critical Minerals Financing Corp Plc was the top loser, falling 9.80% to N4.05, while Access Holdings postponed its H1 results due to delays in Central Bank of Nigeria's approval. Notable movers included Heirs Energies, which increased its Seplat stake to 21%, and ABC Transport Plc, which dropped 9.46% to N6.70.
The Financial Services sector dominated trading volume, driven by Access Holdings Plc, Fidelity Bank Plc, and Zenith Bank Plc. Tech volume saw a boost from Chams Holding Company Plc and MTN Nigeria Communications Plc, while the consumer goods sector saw Nestle Nigeria Plc drop 5.17% to N2,750.00.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
