After weeks of strong momentum, the Nigerian equities market took a breather on Monday, closing lower as investors locked in profits from recent gains in major blue-chip stocks. The sell-offs wiped ₦94 billion off the market’s total value.
Data from the Nigerian Exchange Limited (NGX) showed that the market capitalisation dipped to ₦98.7 trillion from ₦98.8 trillion on Friday, representing a 0.1% decline. The All-Share Index (ASI) also fell by 148.90 points, settling at 155,496.15.
Despite the mild setback, the broader market remains firmly in positive territory — up 3.71% in one week, 9.4% over the past month, and boasting a remarkable 51.08% year-to-date return, underscoring sustained investor optimism.
Trading Activity Cools Down
Monday’s session saw a dip in market activity as 502.99 million shares valued at ₦24.94 billion were traded across 39,945 deals — representing a 58% decline in volume and a 21% drop in turnover compared to the previous session. However, trading activity remained vibrant, with the number of deals rising 33%.
The financial and industrial sectors dominated transactions, led by:
- Access Holdings – 68.9 million shares worth ₦1.62bn
- FBN Holdings – 66.6 million shares valued at ₦2.09bn
- Universal Insurance, Sovereign Trust Insurance, and Zenith Bank followed closely behind.
In terms of value, Aradel Holdings topped the chart with ₦5.63bn in trades, ahead of Presco (₦2.25bn), FBN Holdings (₦2.09bn), Dangote Cement (₦1.65bn), and Access Holdings (₦1.62bn).
Gainers and Losers
Market sentiment turned slightly bearish, with 34 losers outweighing 25 gainers.
- Aradel Holdings led the gainers, soaring 10% to close at ₦869 per share, while NEM Insurance rose 9.67% to ₦32.90.
- Aso Savings & Loans appreciated 9.09%, and Eterna climbed 8.75%.
On the downside, Deap Capital Management and Trust shed 9.71% to close at ₦1.58, trailed by Champion Breweries, which dropped 9.64% to ₦15. Red Star Express, Wapic Insurance, and PZ Cussons also posted notable declines.
Sectoral Performance Mixed
Sector indices closed on a mixed note:
- Oil and Gas Index surged 4.24%, buoyed by gains in energy stocks.
- Insurance Index rose 1.09%, and the Main Board Index edged up 0.22%.
- However, the Pension Index dipped 0.48%, and the Top 30 Index slipped 0.08%.
Context: A Strong Month for Equities
The PUNCH previously reported that the NGX recorded one of its strongest weekly performances in months, rallying 4.48% and adding ₦4.32 trillion to the market’s overall value. The surge pushed market capitalisation to ₦98.79 trillion and lifted the All-Share Index to 155,645.05 points, reflecting renewed investor confidence and increased cross-sector activity.
