NGX ASI dips 0.94%, as extended trading hours debut

The Nigerian equities market began its new extended trading hour regime on a bearish note this Monday, snapping an impressive 14-session rally as investors moved to lock in profits.

The benchmark NGX All-Share Index (ASI) fell by 0.94%, closing at 223,602.29 points compared to Friday’s 225,722.49 points.

This downturn resulted in a ₦1.37 trillion contraction in total market capitalization, which ended the day at ₦143.97 trillion, while the year-to-date (YTD) return moderated to 43.69%.

Sell-offs in several heavyweight stocks fueled the decline. Major financial and industrial players faced significant downward pressure, with FIRSTHOLDCO and UBA both hitting the floor with a 10.00% drop.

Other notable decliners included ACCESSCORP (-9.90%), FIDELITYBK (-9.87%), NGXGROUP (-6.00%), and OANDO (-5.96%). Banking giants GTCO and ZENITHBANK also saw depreciations of 4.34% and 4.17%, respectively.

Despite the overall negative sentiment which saw 40 decliners against 36 gainers, some tickers managed to buck the trend.

ABBEYBDS emerged as the top gainer for the session, while WEMABANK and CUSTODIAN reached new heights, trading above their 52-week highs at ₦34.00 and ₦85.30, respectively.

Market activity saw an uptick as total volume traded rose by 8.06% to 678.17 million units, valued at ₦44.14 billion across 83,838 deals.

ZENITHBANK dominated the day’s trade, accounting for over 11% of the total volume and 21% of the total value. Other high-activity stocks included WEMABANK, ACCESSCORP, MTNN and ARADEL.

In the unlisted securities market, the NASD Securities Index (NSI) managed a slight bullish close, gaining 0.03% to end at 4,053.97 points. On the commodities front, local prices showed mixed results; Sorghum rose by 2.01% on the AFEX exchange, while Maize dropped 4.81%. Globally, oil prices surged, with Brent crude rising over 8% to US$107.88 amid tight global supplies and stalled geopolitical negotiations.