The Nigerian equities market opened the new trading week on a cautious footing, as renewed selling pressure across several key counters pushed the overall capitalisation lower by N106 billion.
As a result, the All-Share Index declined by 164.55 per cent, representing a loss of 0.07 per cent, to close at 242,454.65 points. Similarly, the overall market capitalisation shed N106 billion to close at N156.518 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks, which are: Nigerian Exchange Group, Stanbic IBTC Holdings, UACN, PZ Cussons Nigeria and NEM Insurance.
Analysts noted that the marginal decline reflects continued cautious investor sentiment amid market pressure.
On market outlook, Imperial Asset Managers Limited said, “we expect the Nigerian equities market to remain volatile and highly selective in the next trading session.
The 0.07 per cent decline in the ASI is not, by itself, a major concern, but the deterioration in market breadth provides a more important warning signal.
“With 36 losers against 18 gainers, investors appear increasingly willing to lock in gains on stocks that have enjoyed substantial appreciation.”
The firm added that at the same time, the resilience of key liquid names such as MTN Nigeria Communications (MTNN), First Holdco and Guaranty Trist Holding Company (GTCO) suggests that institutional interest in quality counters remains intact.
Investor sentiment was negative as 36 decliners outpaced 18 advancers. Trans-Nationwide Express recorded the highest price gain of 9.96 per cent to close at N3.12, per share. AVA Capital followed with a gain of 9.72 per cent to close at N7.90, while Thomas Wyatt Nigeria appreciated by 9.09 per cent to close at N3.00, per share.
Legend Internet rose by 8.75 per cent to close at N4.35, while Dangote Sugar Refinery rose by 8.60 per cent to close at N70.10 per share.
On the other hand, R.T. Briscoe led the losers’ chart by 9.91 per cent to close at N10.45 per share. Fortis Global Insurance followed with a decline of 9.89 per cent to close at N2.37, while McNichols depreciated by 9.62 per cent to close at N4.70 per share.
University Press went down by 9.35 per cent to close at N4.85, while NEM Insurance declined by 8.83 per cent to close at N30.45 per share.
Total traded volume declined by 5.9 per cent to 1.33 billion units, valued at N22.928 billion, and exchanged in 45,494 deals. Transactions in the shares of Lasaco Assurance topped the activity chart with 730.690 million shares valued at N1.279 billion. Consolidated Hallmark Holdings followed with 154.261 million shares worth N1.049 billion, while Cornerstone Insurance traded 106.106 million shares valued at N535.4 million.
Chams Holding Company 25.294 million shares valued at N108.353 million, while First Holdco transacted 25.028 million shares worth N3.427 billion.
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