The Nigerian Exchange Limited, NGX, opened September on a bearish note, as profit-taking in banking, industrial, and oil & gas stocks dragged the market lower on Monday.
The benchmark All Share Index (ASI) fell by 0.41 percent to 139,722.19 points, while market capitalisation dropped by N528 billion Naira to close at N88.406 trillion. This downturn trimmed the year-to-date return to 35.75 percent.
Sectoral performance showed widespread declines, with the NGX Banking Index leading the losers at -1.12 percent, followed by NGX Industrial (-0.85 percent) and NGX Oil & Gas (-0.45 percent). Despite gains in stocks like SCOA, Cornerstone Insurance, and Guinea Insurance, heavy losses from Eterna Plc, Ellah Lakes, and Chams weighed on the market.
Trading activity remained strong, as investors exchanged 407.98 million shares worth N14.78 billion Naira across 33,859 deals.
