September 23, (THEWILL) — The Nigerian Exchange (NGX) closed negative on Tuesday, September 23, as profit-taking in large-cap stocks dragged the benchmark index lower.
The All-Share Index (ASI) shed 0.40% to 140,929.60 points from 141,498.22 points, while market capitalisation fell 0.36% to N89.19 trillion from N89.52 trillion.
Market breadth was weak, with 16 gainers against 35 losers.
Top Gainers:
THOMASWAY rose 9.80% from N2.55 to N2.80, CHELLARAM gained 9.59% to close at N16.00, RTBRISCOE advanced 9.50% to N3.92, CUSTODIAN appreciated 9.40% to N48.30, while NGXGROUP climbed 6.99% to N58.95.
Top Losers:
DANGSUGAR led the laggards, falling 10.00% from N60.00 to N54.00. WEMABANK dropped 8.27% to N18.85, NSLTECH declined 6.25% to N0.75, ACCESSCORP slipped 4.98% to N24.80, while ARADEL fell 4.76% to N560.00.
Blue-chip counters such as MTN Nigeria, Dangote Cement, Seplat Energy, FTN Cocoa Processors, and Champion Breweries closed flat.
Analysts attributed the decline to profit-taking following recent rallies, sectoral pressures, and macroeconomic headwinds. Consumer goods weighed heavily on the index, dragged by Dangote Sugar’s double-digit drop, while losses in Wema Bank and Access Holdings pressured the banking sector.
Aradel’s decline offset stability in Seplat in the oil and gas sector.
However, gains in Custodian and NGX Group provided some support, highlighting selective investor interest in resilient stocks.
Broader sentiment remained cautious, with investors rotating into defensive positions amid tight monetary conditions and fiscal uncertainties.
The Central Bank’s 50 basis-point rate cut, bringing the policy rate to 27%, offered limited relief, as equities continue to compete with attractive fixed-income yields.
Market watchers expect near-term trading to remain volatile, with insurance and industrials showing relative strength, while consumer goods and banking may face further pressure.
***Written by Ogochukwu Onwaeze.
