NGX drops below 250,300 points amid bearish sentiment

The Nigerian Exchange (NGX) equities market experienced a fifth consecutive day of decline as bearish sentiment prevailed. The All-Share Index fell by 394.36 points, or 0.16 percent, to close at 250,273.50 points on Tuesday. This downturn was attributed to price depreciation in large and medium capitalised stocks, such as First Holdco, Unilever Nigeria, Fidson Healthcare, Ecobank Transnational Incorporated, and Stanbic IBTC Holdings.

Analysts attributed the market's negative performance to cautious sentiment and profit-taking, with investors reluctant to maintain recent gains. With 34 stocks losing value versus 26 that gained, market sentiment closed negative. Tripple Gee & Company experienced the highest price increase at 9.77 percent, while Livestock Feeds also gained 9.74 percent.

Market outlook suggested that oil prices, interest rates, and the naira would drive the third quarter of corporate financing and REITs. Notably, Greenwich Bank expanded by opening three new branches in Lagos, and NPF Microfinance Bank rose by 9.52 percent to close at N4.60. Conversely, Critical Minerals Financing Corporation suffered the most significant loss, dropping 9.88 percent to close at N3.65.