The Nigerian stock market began the week on a weak note on Monday, with investors losing N1.315 trillion as widespread profit-taking and bearish sentiment dragged share prices lower across major sectors.
Data from the Nigerian Exchange Limited (NGX) showed that the market capitalisation declined from N156.445 trillion recorded at the close of trading on Friday to N155.130 trillion, reflecting a loss of N1.315 trillion in a single trading session.
The benchmark All-Share Index (ASI) also depreciated by 2,049.65 points, or 0.84 per cent, to settle at 241,749.11 points, extending the market’s decline to a second consecutive day.
The downturn was driven by losses in several heavyweight and mid-cap stocks, with investors adopting a cautious stance amid sustained selling pressure.
Market breadth closed negative as 44 stocks recorded losses against 19 gainers, highlighting the dominance of bearish activity during the session.
PZ Cussons Nigeria emerged as the worst-performing stock of the day, shedding 10 per cent of its value to close at N81.00 per share. BUA Cement followed closely with a 9.99 per cent decline to N306.20, while Red Star Express dropped 9.98 per cent to finish at N22.10 per share.
Other stocks that weighed on the market included NASCON Allied Industries, Cadbury Nigeria and FBN Holdings, all of which posted significant losses.
On the positive side, International Breweries led the gainers’ chart after its share price appreciated by 9.77 per cent to close at N14.60 per share. Nigerian Aviation Handling Company gained 8.36 per cent, while UACN advanced by 8.11 per cent.
Trading activity, however, remained robust despite the market’s negative performance.
Investors exchanged 523.54 million shares valued at N22.27 billion in 59,945 deals, representing an increase in trading volume compared to the previous session.
FCMB Group recorded the highest volume of traded shares, with 102.24 million units worth N1.02 billion changing hands. International Breweries and Access Holdings also featured prominently among the most actively traded stocks.
Stanbic IBTC Holdings led the market in value terms, accounting for transactions worth N2.87 billion.
Market analysts said the latest decline reflects continued portfolio adjustments by investors, particularly in highly capitalised stocks, as market participants position themselves ahead of key economic and corporate developments.
The negative outing underscores the cautious mood in the equities market despite improved trading activity, with investors closely monitoring opportunities amid ongoing volatility.
Leave a Reply