The Nigerian stock market opened the week with losses as investors continued selling off shares amid the ongoing 2024 earnings season. However, performance indicators showed a mix of gains and losses across different sectors.
The benchmark index of the Nigerian Exchange (NGX), the All Share Index (ASI), dropped by 0.34% to close at 107,455.13 points. This decline was primarily driven by sell-offs in major stocks, including International Breweries (-5.66%), United Capital (-9.91%), Access Holdings (-2.54%), and First Bank of Nigeria Holdings (-3.24%).
Despite this, the overall market capitalization increased to N67.29 trillion following the listing of an additional 18.20 billion shares of Fidelity Bank at N17.20 per share. However, the general downturn was a result of significant stock sales across key market sectors.
Trading activity declined, with the total volume of stocks traded dropping by 32.77%, while the total value of transactions fell by 48.63%. According to Atlass Portfolios Limited, approximately 308.09 million shares worth N7.23 billion were traded in 15,474 deals.
Zenith Bank led trading activity, accounting for 10.52% of total volume traded, followed by Fidelity Bank (6.41%), Access Holdings (5.49%), NGX Group (5.14%), and Ellah Lakes (4.88%). In terms of value, Zenith Bank was also the most traded stock, contributing 21.54% of the total transaction value on the exchange.
On the gainers’ chart, Learn Africa and NGX Group saw the highest price increase, both rising by 10%. Other top gainers included Champion Breweries (+9.90%), ABC Transport (+9.86%), Tantalizer (+9.47%), Guinea Insurance (+9.38%), and TIP (+8.29%).
On the losing side, Ikeja Hotel recorded the biggest drop, losing 9.92%. Other significant losers included United Capital (-9.91%), Cutix (-9.84%), Africa Prudential (-9.46%), NASCON (-9.29%), and Honeywell Flour Mills (-5.11%).
Overall, market breadth was negative, with 20 stocks gaining and 33 losing. Sector performance was also weak, with four out of five major sectors closing in the red. The Banking (-1.20%), Consumer Goods (-1.03%), Insurance (-0.57%), and Industrial Goods (-0.02%) sectors all recorded losses due to sell-offs in Access Holdings (-2.54%), International Breweries (-5.66%), Consolidated Hallmark Insurance (-5.13%), and Cutix (-9.84%).
However, the Oil & Gas (+0.42%) and Commodity (+0.07%) sectors showed some resilience, supported by price gains in Oando (+2.84%) and Aradel Holdings (+0.40%).
Despite the overall market decline, the total equity market capitalization increased by N94.61 billion, driven by the new share listing, closing at N67.29 trillion.
