The Nigerian equities market began the week on a bearish note, shedding N1.375 trillion in market value on Monday amid intensified profit-taking by investors following the recent holiday break.
Market capitalisation declined by 1.07 per cent, closing at N127.75 trillion, down from N129.13 trillion recorded at the previous session.
The downturn was largely driven by losses in heavyweight and mid-cap stocks, including Consolidated Hallmark Holdings, Deap Capital Management, Guaranty Trust Holding Company (GTCO), International Energy Insurance, and Nigerian Breweries, alongside several others.
Benchmark Index Slides as Investor Sentiment Weakens
The benchmark All-Share Index (ASI) mirrored the negative trend, falling by 2,142.84 points, or 1.07 per cent, to close at 199,014.02, compared to 201,156.86 recorded in the last trading session before the holiday.
As a result, the market’s Year-to-Date (YtD) return moderated to 27.89 per cent, reflecting a slight cooling in what has otherwise been a strong rally in recent months.
Market analysts attributed the decline primarily to profit-taking activities, as investors moved to lock in gains following sustained upward momentum in prior sessions.
Market Breadth Remains Positive Despite Losses
Despite the overall bearish performance, market breadth closed on a positive note, indicating underlying buying interest in select stocks.
A total of 43 stocks recorded gains, compared to 23 losers, suggesting that investor appetite remains resilient in certain sectors.
Presco, Zochis Agro-Allied Lead Gainers
On the gainers’ chart, Presco Plc led with a 10 per cent increase, closing at N1,871.20 per share.
Zochis Agro-Allied Industries followed closely, gaining 9.91 per cent to settle at N9.43, while John Holt Plc rose by 9.70 per cent to close at N13.00 per share.
Outlook: Cautious Trading Expected
Market watchers expect cautious trading in the near term, as investors continue to rebalance portfolios and respond to evolving economic signals.
While profit-taking may persist in the short term, analysts note that sustained liquidity and strong corporate earnings could provide support for the market in the coming sessions.
