The Nigerian equity market began the week in the red, losing N231 billion on Monday due to profit-taking by investors.
Declines in Tier-one banking stocks, including Access Corporation, Zenith Bank, FBN Holdings, and Fidelity Bank, alongside Oando Plc and Berger Paints, contributed to the downturn.
The Nigerian Exchange Ltd. (NGX) market capitalisation fell by 0.34%, dropping from N67.614 trillion to N67.383 trillion. Similarly, the All-Share Index (ASI) declined by 370.43 points to close at 108,126.97. Despite the dip, the Year-To-Date (YTD) return rose to 5.05%.
Market breadth was negative, with 37 stocks declining against 17 gainers. Northern Nigeria Flour Mills (NNFM) led the losers, dropping 9.99% to N72.55 per share, while Ikeja Hotel led the gainers, rising 10% to N12.10.
Despite the market’s decline, trading activity remained robust, with a 10.16% increase in value. Investors exchanged 357.76 million shares worth N9.21 billion in 15,914 transactions. Jaiz Bank led in volume with 48.19 million shares, while Zenith Bank recorded the highest trade value at N1.37 billion.
Credit: NAN (Text Excluding Headline)
