NGX drops below 250,300 points amid bearish sentiment

The Nigerian Exchange (NGX) witnessed a decline in its equities market, with the All-Share Index falling by 394.36 points, or 0.16 percent, to close at 250,273.50 points on Tuesday. This marked the fifth consecutive losing session for the market. The overall market capitalisation value also dropped by N256bn to close at N162.496tn.

Large and medium capitalised stocks, such as First Holdco, Unilever Nigeria, Fidson Healthcare, Ecobank Transnational Incorporated, and Stanbic IBTC Holdings, played a significant role in the negative performance. Investors exhibited cautious sentiment and engaged in profit-taking, resulting in weaker trading activity. Bearish sentiment and a lack of sustained investor confidence contributed to the market's performance.

Out of 41,072 trades, 34 stocks lost value while 26 gained, leading to a negative investor sentiment. Notably, Tripple Gee & Company experienced the highest gain at 9.77 percent, followed by Livestock Feeds at 9.74 percent. Despite some stocks like Greenwich Bank, NPF Microfinance Bank, Sovereign Trust Insurance, and Wapic Insurance showing positive growth, Critical Minerals Financing Corporation and others led the losers' table. Total volume traded decreased by 33.8 percent to 579.25 million units, valued at N36.07bn.