The all-share index (ASI) lost 288.69 points, representing a decline of 0.43 per cent to close at 66,482.28 points. Also, market capitalisation declined by N158 billion to close at N36.386 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are MTN N, NGX Group, Wema Bank, Nigerian Aviation Handling Company (NAHCO) and Fidson Healthcare.
Afrinvest Limited said: “We anticipate a positive outing on the bourse in tomorrow’s trading session, buoyed by improved investor sentiment.”
Vetiva Dealings and Brokerage said: “While large-cap counters have continued to dictate the market direction, we expect similar cherry-picking and profit-taking actions across the board tomorrow.”
Investor sentiment, as measured by market breadth, was strengthened as 29 stocks advanced, while 22 declined. Oando emerged as the highest price gainer of 9.88 per cent to close at N9.45 kobo. Red Star Express followed with a gain of 9.81 per cent to close at N2.91 kobo, while Tripple Gee and Company rose by 9.68 per cent to close at N2.38 kobo. R.T. Briscoe Nigeria increased by 9.43 per cent to close at 58 kobo, while Universal Insurance was up by 9.09 per cent to close at 24 kobo.
On the other side, Ikeja Hotel and Wema Bank led the losers’ chart with 10 per cent each to close at N3.15 and N4.23 respectively, while Associated Bus Company followed with a decline of 8.86 per cent to close at 72 kobo.
Royal Exchange depreciated by eight per cent to close at 46 kobo, while Consolidated Hallmark Insurance was down by 5.60 per cent to close at N1.18 kobo.
The total volume of trades increased by 80.5 per cent to 657.52 million units, valued at N4.60 billion, and exchanged in 6,646 deals. Transactions in the shares of Universal Insurance led the activity with 336.294 million shares worth N80.457 million.
Fidelity Bank followed with an account of 31.689 million shares valued at N264.857 million, while Consolidated Hallmark Insurance traded 25.126 million shares valued at N29.424 million.
Guaranty Trust Holding Company traded 24.633 million shares worth N885.386 million, while Wema Bank traded 24.016 million shares worth N103.814 million.
Meanwhile, NGX has announced plans to add the Nigeria Infrastructure Debt Fund (NIDF), an N200 billion public infrastructure investment fund by Chapel Hill Denham on the exchange daily official list.
NIDF is the first and only infrastructure debt fund dedicated to and domiciled in Nigeria. It aims to provide investors with regular and stable income by making primarily debt investments in infrastructure projects located in Nigeria.
Chief Executive Officer, NGX, Temi Popoola, said the listing aligns with the exchange’s resolve to support financial market instruments that drive sustainable wealth creation and infrastructural advancement in Nigeria. According to Popoola, NGX will further enhance the visibility of NIDF, giving investors access to more investment options.
He pointed out that NIDF opens up the chance for investors to benefit from a diversified portfolio of asset-backed loans across multiple sub-sectors and geographical spread through the listing, adding that it would further improve liquidity.
