NGX slips 0.03% as large-cap losses outweigh broad buying interest
Trading on the Nigerian Exchange Limited on Wednesday ended slightly lower, with the All-Share Index falling 63.46 points (0.03%) to 246,019.17. Market capitalisation dropped by about ₦41 billion to ₦158.915 trillion. Despite the decline, breadth was positive—33 stocks advanced against 29 decliners—and trading activity slowed, with volume down 34.5% to 426.84 million shares worth ₦28.44 billion in 41,475 deals.
The slide was driven by losses in large and medium‑cap stocks such as Beta Glass (‑9.99%), NASCON Allied Industries (‑10.00%), Stanbic IBTC Holdings, Access Holdings and CWG. On the upside, Tripple Gee & Company led gainers (+10.00% to ₦2.86), followed by Sovereign Trust Insurance (+9.71%), Oando (+9.43%), McNichols (+9.09%) and NEM Insurance (+7.99%). Access Holdings topped turnover with 33.22 million shares traded.
Cowry Assets Management says investor confidence remains intact after the FTSE Russell reclassification confirmation, expecting the market to stay positive. The immediate performance of large‑caps will be key to whether the ASI resumes its upward trend.
Given the mixed signals, will you hold your current positions, look for bargains among the decliners, or take profits from the day's gainers while watching for renewed buying in heavyweight stocks?