NGX Loses ₦137bn as International Energy Insurance, Neimeth and Fidelity Bank Decline

Nigerian equities closed lower on Monday as profit-taking reduced the market capitalisation by ₦137 billion, from ₦154.533 trillion to ₦154.396 trillion. The All-Share Index fell by 265.99 points, or 0.11%, to 239,085.17. International Energy Insurance led the losers, dropping 9.82% to ₦3.49 per share. Neimeth International Pharmaceuticals declined 9.38% to ₦7.25, while Fidelity Bank lost 6% to close at ₦18.80. Guinea Insurance and NPF Microfinance Bank also recorded notable losses. A total of 32 stocks declined against 18 gainers. Red Star Express topped the gainers with a 9.86% rise, while University Press and UPDC REIT also advanced. Investors traded 668.72 million shares worth ₦23.83 billion in 45,894 deals, with Fortis Global Insurance leading by volume and First Holdco recording the highest transaction value. The market's year-to-date return eased to 53.64% as investors continued to take profits, particularly in banking and insurance stocks.

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