NGX Value Drops by N2.72trn, Insurance, Industrial Stocks Worst Hit
- The Nigerian Exchange has closed trading on Thursday with a poor performance as Investors continue to take profit
- New data shows that University Press Plc, International Energy Insurance, Veritas Kapital Assurance were the major decliners, and McNichols Plc led the gainers table
- The gainers' table includes SFS Real Estate Investment Trust, Jaiz Bank Plc and NSE Lotus Technologies Plc
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian Exchange (NGX) closed Thursday, August 21, lower as heavy sell pressure in insurance and industrial stocks wiped out N2.72 trillion in equities value.
The market this week has posted three consecutive days of losses, with the NGX Insurance Index plunging 10.50%..
Source: Getty Images
At Thursday’s trading, the All-Share Index (ASI) fell to 140,332.44 points from 141,566.30, while market capitalisation dropped to N88.783 trillion from N89.564 trillion.
A total of 573.75 million shares were exchanged on the floor of the Nigerian Exchange on Thursday, representing a 20.51% decline compared to the previous session.
The total value of trades stood at N12.88 billion, down 0.46%, across 25,881 deals.
Market breadth closed negative, as 16 gainers were recorded against 45 losers.
Top gainers:
- SFS Real Estate Investment Trust emerged as the best-performing stock, rising 9.99%.
- Jaiz Bank Plc followed with a gain of 9.75%.
- NSE Lotus Technologies Plc appreciated by 9.38%.
- Omatek Ventures Plc advanced by 5.88%
Top decliners:
- University Press Plc led the laggards, falling by 10.00%.
- Thomas Wyatt Nigeria Plc also shed 10.00%.
- International Energy Insurance Plc declined by 10.00%.
- Veritas Kapital Assurance Plc dropped 10.00%, while BUA Cement Plc lost 9.96%.
Source: Getty Images
Most traded by volume:
- Fidelity Bank Plc was the most actively traded stock, with 96.07 million shares worth N1.99 billion.
- Veritas Kapital Assurance Plc recorded 36.60 million shares valued at N66.17 million.
- Universal Insurance Plc accounted for 32.93 million shares worth N36.96 million.
- Access Holdings Plc saw 30.33 million shares exchanged with a value of N819.08 million.
- Jaiz Bank Plc traded 21.16 million shares valued at N92.14 million.
Sectoral performance:
The Insurance Index declined by 4.69%, dragged by losses in Cornerstone Insurance Plc (-6.29%) and others.
The Industrial Goods Index fell by 4.04%, weighed down by BUA Cement Plc (-9.96%). The Oil & Gas Index slipped by 0.06% following a drop in Oando Plc (-0.61%), while the Consumer Goods Index edged down 0.04% on weakness in Champion Breweries Plc (-9.32%).
On the positive side, the Banking Index gained 0.47% on the back of buy interest in Guaranty Trust Holding Company Plc (GTCO), which rose 2.88%.
Nigeria's foreign exchange market faces volatility
Earlier, Legit.ng reported that Nigeria saw a significant increase in foreign exchange inflows, with non-bank corporates.
Corporates invested over $1.2 billion in the market in July 2025, up from $800 million in June, according to figures cited by FBNQuest Merchant Bank from FMDQ.
While foreign portfolio investments remained the largest source of supply, analysts warned that the reliance on short-term capital flows exposed the market to vulnerabilities.
Source: Legit.ng
