October 29, (THEWILL) — The Nigerian Exchange (NGX) closed in the red on Wednesday, October 29, as renewed sell pressure across key sectors dragged the benchmark All-Share Index (ASI) down by 0.7 percent, settling at 154,260.96 points from 155,353.20 points.
In the same vein, market capitalisation declined by roughly N690 billion, slipping from N98.61 trillion to N97.92 trillion, marking one of the sharpest single-day losses in October.
The stock market was having a tough day, with more stocks falling than rising (27 losers versus 18 winners). This downturn happened because investors weren’t feeling confident (weak risk appetite), and many decided to cash in their profits from earlier gains.
Top Gainers:
- Deap Capital Management & Trust Plc (DEAPCAP) rose 9.70 percent (N1.65 to N1.81).
- ASO Savings and Loans Plc (ASOSAVINGS) gained 8.86 percent (N0.79 to N0.86).
- McNichols Plc (MCINHOLS) appreciated by 6.67 percent (N3.00 to N3.20).
- Caverton Offshore Support Group (CAVERTON) advanced 6.14 percent (N6.03 to N6.40).
- Okomu Oil Palm Plc (OKOMUOIL) climbed 5.90 percent (N1,020.00 to N1,080.20) following sustained investor confidence in the agro-manufacturing space.
Top Losers:
- Beta Glass Plc (BETAGLAS) fell by 10.00 percent (N486.00 to N437.00).
- John Holt Plc (JOHNHOLT) declined 10.00 percent (N6.00 to N5.40).
- E-Tranzact International Plc (ETRANZACT) dipped 9.67 percent (N15.00 to N13.55).
- Champion Breweries Plc (CHAMPION) slid 8.81 percent (N15.90 to N14.50).
- Ikeja Hotel Plc (IKEJAHOTEL) lost 8.68 percent (N19.00 to N17.35).
Stocks that closed flat include Airtel Africa Plc, Cadbury Nigeria Plc, Enamelware Nigeria Plc, International Breweries Plc, and Nestlé Nigeria Plc.
Wednesday’s downturn reflects cautious investor sentiment ahead of key corporate earnings releases and ongoing macroeconomic concerns, particularly tightening liquidity, FX market pressure, and inflation-induced cost burdens.
The week’s market weakness mirrors short-term portfolio adjustments as investors reallocate toward defensive sectors with stronger dividend prospects.
Despite the bearish close, selective bargain hunting in fundamentally sound stocks, especially in the agro-processing, energy, and financial services sectors, could offer near-term recovery support if positive third-quarter earnings continue to emerge.
Ogochukwu Onwaeze
