The Nigerian Stock Exchange began the month of September on a weak footing, closing the first trading day in the red with investors witnessing a significant drop in market value. By the end of the day’s transactions, the market had shed a total of N363bn.

Trading activity showed a total of 407,956,045 shares exchanged hands in 33,843 deals, accounting for a turnover of N14.77bn. The results marked mixed signals compared to the previous trading session on Friday, August 29. While turnover improved by 42 percent and the number of deals increased by 32 percent, trading volume slid by 6 percent.

The overall market capitalization of the Nigerian Exchange (NGX) now stands at N88.4 trillion. Market watchers say this performance underscores the caution with which investors approached the new month after August’s choppy trading patterns.

The All-Share Index, which tracks the general movement of listed stocks, declined by 573.31 points, a 0.41 percent loss, to settle at 139,722.19 points. This latest movement leaves the market with a one-week decline of 1.21 percent, a four-week loss of 3.02 percent, but a year-to-date gain of 35.75 percent, underscoring that longer-term performance remains positive despite short-term volatility.

Market Indices Record Broad Declines

Other market indices also mirrored the downward trend. The Top 30 Index dipped by 0.38 percent, the Consumer Goods Index lost 0.03 percent, and the Insurance Index fell 0.05 percent. Similarly, the Main Board Index dropped 0.17 percent, the Oil & Gas Index declined by 0.45 percent, and the Pension Index recorded the heaviest fall of 0.6 percent.

Across the day’s trading, 126 equities were active, with only 15 recording gains while 33 closed lower. Among the gainers, Sovereign Trust Insurance emerged top, rallying by 10 percent to close at N2.86 per share. It was closely followed by Scoa Nigeria, which rose 9.83 percent to settle at N6.59. Cornerstone Insurance advanced by 7.98 percent, closing at N6.90, while Guinea Insurance appreciated by 7.75 percent to end at N1.53.

Other notable performers included NSL Technologies, which climbed 4.71 percent to N0.89, and University Press Insurance, which gained 4.17 percent to finish at N1.25. Analysts say these gains, though significant, were not enough to counterbalance the broader market losses.

On the flip side, Eterna led the losers’ chart after shedding 10 percent to close at N34.20 per share. Ellah Lakes also plunged by 10 percent to N12.69, while Veritas Kapital Assurance matched the downward trend, falling 10 percent to N1.89. Chams Plc dropped 9.56 percent to settle at N2.65, Cutix Plc declined 7.71 percent to N3.23, and Tantalizer Plc dipped 7.26 percent to N2.30 per share.

In terms of activity, FCMB Group dominated the trading volume chart with 55.8 million shares exchanged, followed by Access Holdings with 31.9 million. Fidelity Bank recorded 26.2 million shares, while NSL Technologies and AIICO Insurance posted 22.4 million and 17.7 million shares, respectively.

When it came to value, Aradel Plc topped the leaderboard with N5.31bn worth of shares traded. Zenith Bank followed at N1.11bn, with WAPCO registering N0.97bn, Access Holdings N0.84bn, and GTCO N0.83bn.

Analysts suggest the downturn reflects both profit-taking and investor caution at the start of September. Despite the decline, the year-to-date performance shows the Nigerian market has delivered strong growth, with observers noting that volatility is part of the typical pattern for an emerging economy’s stock exchange.