Nigerian Exchange declines as All-Share Index slips below 239,000 points

The Nigerian Exchange (NGX) has experienced a downward trend, with the All-Share Index (ASI) slipping below the 239,000-point mark. The market saw a decline of 0.17 percent, bringing the index to 238,682.92 points, while total market capitalization decreased to N154.137 trillion.

This downturn was driven by sustained profit-taking and selling pressure across several sectors, including insurance, banking, consumer goods, and energy. Fidelity Bank Plc was among the notable losers, with its share price dropping 6 percent from N20.00 to N18.80. Other significant declines were seen in the insurance sector and companies such as Fidson and FTN Cocoa.

Despite the overall market decline, certain banking stocks remained highly active. First HoldCo Plc led the market in transaction value, while United Bank for Africa (UBA) and Access Holdings Plc also recorded high trading volumes. The market breadth remained negative, with 41 price losers outweighing 17 gainers, reflecting cautious investor sentiment.