The Nigerian Stock Market commenced the trading week on a bearish note as the overall market capitalisation declined by ₦166.82 billion, driven by widespread sell-offs across major sectors. This negative momentum led to a 0.24% drop in the key market index, the NGX All-Share Index (ASI), which fell by 265.42 points to close at 108,467.98.
Analysts attributed the downturn to profit-taking activities in several mid- and large-cap equities that had recorded recent gains. Noteworthy decliners included Nigerian Breweries (NB), MTN Nigeria (MTNN), and Dangote Sugar Refinery (DANGSUGAR), among others.
Data obtained from the NGX revealed that overall market activity also weakened. The total volume and value of trades declined by 10.73% and 5.09%, respectively. According to a trading report by Atlass Portfolios Limited, approximately 409.93 million shares worth ₦10.60 billion were exchanged across 16,441 deals during Monday’s session.
TANTALIZER led in terms of volume traded, accounting for 11.89% of total shares exchanged. Other volume leaders included VFD Group (11.81%), Access Corporation (7.11%), Zenith Bank (5.88%), and AIICO Insurance (4.62%).
On the value chart, MTNN was the most actively traded stock, contributing 40.93% of the day’s total market value.
Gainers dominated the advancers’ chart, with MEYER, MULTIVERSE, and SMURFIT each appreciating by 10.00%. Additional gainers included Beta Glass (+9.99%), HMC Allied Industries (+9.88%), Abbey Mortgage Bank (+9.86%), Caverton Offshore Support Group (+9.84%), NPF Microfinance Bank (+9.74%), and 30 other equities.
On the flip side, 26 stocks posted losses. ETRANSACT topped the laggards with a 10.00% drop in share price. Other decliners included C&I Leasing (-8.31%), Linkage Assurance (-8.06%), Sterling Financial Holdings (-5.79%), Honeywell Flour (-3.08%), and DANGSUGAR (-2.26%).
Despite the negative trend in the broader market, market breadth remained positive, with 38 stocks advancing versus 26 decliners.
Sectoral performance was mixed. The oil & gas sector advanced by 0.36%, insurance rose by 0.29%, and industrial goods improved by 0.12%. However, the consumer goods and banking sectors posted losses of 0.54% and 0.24%, respectively.
At the end of the trading session, the NGX equity market capitalisation stood at ₦68.17 trillion, marking a decline of 0.24% from the previous trading day.
