The Nigerian stock market started the week on a bearish note, reversing earlier gains as profit taking in major banking stocks affected overall performance.
The Nigerian Stock Exchange (NGX) All-Share Index (ASI) fell 0.10 per cent to close at 155,496.15 basis points, cutting year-to-date performance to 51.08 per cent and month-to-date performance to 9.0 per cent.
Furthermore, the market capitalization fell by £94.53 billion to settle at £98.70 billion.
The slowdown was largely attributed to losses in blue-chip banking stocks such as United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Zenith Bank and Access Holdings, which collectively dragged the benchmark index lower after shares fell in value by 4.3 percent, 2.0 percent, 2.5 percent and 5.4 percent, respectively.
Market sentiment remained weak as losers outnumbered winners, with the market recording 25 winners and 33 losers.
The top gainers were Aradel Holdings, NEM Insurance, Aso Savings and Loans, Eterna and Chams, while Deap Capital Management and Trust, Champion Breweries, Red Star Express, Wapic Insurance and Universal led the laggards.
Sector performance was generally mixed. Oil and gas, commodities and insurance indices advanced 4.24 percent, 2.31 percent and 1.09 percent, respectively, boosted by gains from Aradel, Eterna and NEM Insurance.
On the contrary, the Banking and Consumer Goods indices decreased by 1.98 percent and 0.65 percent, respectively, while the Industrial Goods index closed flat.
Trading activity was mixed, with total volume declining sharply by 58.5 percent to 503.00 million units, while transaction value fell 20.8 percent to ₦24.94 billion.
However, market share intensified as the number of deals increased by 33.3 percent to 39,972. Access Holdings emerged as the most traded stock by volume, with 68.92 million shares, while Aradel Holdings led in terms of value with transactions worth ₦5.63 billion.
Despite the cautious start to the week, analysts noted that investors remain confident in market fundamentals, supported by expectations of strong corporate earnings and ongoing sectoral reforms that continue to underpin long-term optimism in the Nigerian capital market.
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