The Nigerian stock market started the week on a negative note as profit-taking and weak investor sentiment dragged the NGX All-Share Index (ASI) down 0.25 percent to close at 153,739.11 basis points on Monday.
The decline reduced year-to-date performance to 49.37 percent. The market capitalization also lost N245.88 billion to settle at N97.58 trillion, reflecting sustained sell-offs in key sectors.
Market breadth remained weak, with 37 losers outnumbering 19 gainers, indicating a largely bearish tone.
The day’s top winners were Union Dicon Salt, Omatek, NAHCO, International Breweries and Champion Breweries. On the other hand, the main laggards were Honeywell Flour, Northern Nigeria Flour Mills, Aradel Holdings, Japaul Gold and Ikeja Hotel, all of which recorded notable price drops.
Sectoral performance reflected overall market weakness, with four major indices closing in the red. The oil and gas index led the decline with a loss of 3.94 percent, followed by the commodities index with a fall of 1.85 percent, the insurance index with a depreciation of 1.48 percent and the banking index with a loss of 0.22 percent. In contrast, the consumer goods index rose 0.49 percent, while the industrial goods sector closed flat.
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Commercial activity reflected a mixed dynamic. The total volume traded fell sharply by 87.94 percent to 627.5 million shares, while the transaction value decreased by 44.64 percent to N25 billion. Interestingly, the number of deals increased by 19.04 percent to 36,425, suggesting increased participation by retail investors amid reduced institutional liquidity.
Market watchers attributed the slowdown to cautious trading as investors reevaluate their positions ahead of upcoming corporate disclosures and possible policy signals. Despite the current pullback, they noted that market fundamentals remain relatively strong, supported by strong third-quarter earnings and ongoing macroeconomic reforms that continue to shape investor sentiment.
At close of trading, the market outlook remained cautious, with analysts expecting continued sector rotations and profit taking in the near term.
NIGERIAN TRIBUNE