Nigerian Stock Market Declines 1.07% as Sell-Off in Banking Stocks Drags ASI Below 200,000
The Nigerian Exchange Limited (NGX) extended its bearish trend on Monday as sustained selling pressure, particularly in banking stocks, pushed the All-Share Index (ASI) below the psychological 200,000 mark.
Market data showed that the ASI declined by 1.07 percent to close at 199,014.02 points, suggesting weak investor sentiment and broad-based profit-taking across key sectors.
Equity market capitalization dropped to ₦127.75 trillion, underscoring the impact of the day’s losses on investors’ portfolio value.
A total of 139,458 deals were executed during the session, with investors trading 848.84 million shares valued at ₦53.34 billion. Despite the decline in index performance, trading activity remained relatively strong, indicating continued participation across the market.
The bond market capitalization stood at ₦48.15 trillion, while the Exchange Traded Funds (ETF) segment closed at ₦128.35 billion, reflecting stable activity in alternative asset classes.
Market breadth closed positive, with 43 gainers outperforming 23 losers, while 82 equities remained unchanged, suggesting selective buying despite overall market weakness.
Presco Plc led the gainers’ chart, appreciating by 10.00 percent to close at ₦1,871.20 per share. Zichis Agro Allied Industries Plc followed with a 9.91 percent gain to ₦9.43, while John Holt Plc advanced by 9.70 percent to ₦13.00.
Premier Paints Plc and FTN Cocoa Processors Plc also recorded gains of 9.62 percent and 9.45 percent to close at ₦25.65 and ₦1.39, respectively.
On the losers’ table, Consolidated Hallmark Holdings Plc recorded the highest decline, shedding 9.64 percent to close at ₦4.50. Deap Capital Management Plc dropped by 8.37 percent to ₦5.91.
Guaranty Trust Holding Company Plc declined by 8.18 percent to ₦105.00, while International Energy Insurance Plc and Nigerian Breweries Plc fell by 7.67 percent and 7.28 percent to close at ₦2.77 and ₦70.00, respectively.
Analysis of trading activity showed that United Bank for Africa Plc led the market by volume with 114.17 million shares valued at ₦5.54 billion. Wema Bank Plc followed with 111.95 million shares worth ₦2.92 billion.
Access Holdings Plc recorded 54.75 million shares valued at ₦1.42 billion, while Zenith Bank Plc and GTCO Plc posted trades worth ₦4.08 billion and ₦3.59 billion, respectively.
The overall market performance indicates continued cautious sentiment among investors, driven by profit-taking in high-performing stocks and sector-specific weakness in banking equities.
Analysts expect mixed trading sessions in the near term, with opportunities likely to emerge in fundamentally strong stocks as investors reposition portfolios ahead of earnings releases and dividend announcements.
