NGX: Industrial & Medical Gases leads market losses, as investors shed N445bn

The Nigerian Exchange Limited (NGX) recorded its steepest drop of the week on Wednesday, as the All-Share Index (ASI) fell by 0.68 percent. The downturn was largely driven by losses in key stocks, with Industrial & Medical Gases Nigeria Plc (IMG) topping the list of major decliners.

At the close of trading, investors saw a combined loss of approximately N445 billion. IMG’s share price dropped sharply from N38 to N34.20, shedding N3.80 or 10 percent of its opening value.

UPDC Real Estate Investment Trust (UPDC REIT) also took a hit, falling from N6.10 to N5.60—a decline of 50 kobo or 8.20 percent. C&I Leasing joined the day’s worst performers, with its stock price retreating from N3.80 to N3.50, a loss of 30 kobo or 7.89 percent.

As a result of these losses, the market’s year-to-date (YtD) return slipped to +0.90 percent. The month-to-date performance is also under pressure, down by 1.71 percent as sustained selling activity continues to weigh on equities.

The NGX ASI dropped from 104,560.02 points to 103,851.88 points, while the equities market capitalisation declined from N65.704 trillion to N65.259 trillion.

Trading activity remained robust, with Access Holdings, Guaranty Trust Holding Company (GTCO), FCMB Group, United Bank for Africa (UBA), and Chams emerging as the most actively traded stocks. A total of 351,655,167 shares were exchanged in 12,141 transactions, with a combined value of N13.71 billion.