November 10, (THEWILL) — The Nigerian Exchange (NGX) opened the week on a bearish note as selloffs across key blue-chip stocks dragged the market further into negative territory.
The All-Share Index (ASI) dipped by 0.50 percent, closing at 148,781.90 points compared to 149,524.81 points at the previous session. Similarly, market capitalisation declined by N472 billion, settling at N94.526 trillion from N94.998 trillion.
The downtrend was driven by sustained profit-taking in large-cap counters and weakness across major sectors, particularly the insurance, industrial goods, and aviation segments, which saw significant losses during the session.
Market sentiment remained largely negative, with 13 gainers against 40 losers, reflecting persistent investor caution amid macroeconomic headwinds and concerns over foreign exchange liquidity.
Top Gainers
ASO Savings appreciated by 10.00 percent, from N0.90 to N0.99.
Deap Capital rose 9.83 percent, from N1.73 to N1.90.
Cornerstone Insurance gained 8.70 percent, from N5.52 to N6.00.
Neimeth International advanced 8.65 percent, from N5.20 to N5.65.
Japaul Gold climbed 6.70 percent, from N2.09 to N2.23.
Top Losers
Linkage Assurance shed 10.00 percent, from N2.09 to N1.88.
RT Briscoe dropped 10.00 percent, from N3.40 to N3.06.
NAHCO lost 9.95 percent, from N105.50 to N95.00.
Mutual Benefits Assurance fell 9.89 percent, from N3.74 to N3.37.
AIICO Insurance also declined 9.89 percent, from N3.74 to N3.37.
Unchanged Stocks
Key large-cap equities such as MTN Nigeria Communications Plc, Dangote Cement Plc, Lafarge Africa Plc, Seplat Energy Plc, and DN Tyre and Rubber Plc remained unchanged at the close of trading.
Market Outlook
It is expected that the bearish momentum will persist in the short term as investors continue to rebalance their portfolios amid a high-yield fixed-income environment and cautious sentiment ahead of fresh macroeconomic data releases.
Ogochukwu Onwaeze
