The Nigerian Exchange Limited (NGX) All-Share Index fell by 0.21% at the start of the trading week, closing at 97,626.27 points. This decline was primarily driven by profit-taking activities in Guaranty Trust Holding Company Plc, which dropped by 3.4%, along with 29 other stocks. The market capitalization also decreased by ₦123 billion, settling at ₦59.169 trillion, though the year-to-date return remains strong at 30.60%. Sectoral performance was mixed, with the banking, oil, and insurance indices declining, while the industrial goods index recorded slight gains.
Market breadth ended slightly negative, with 30 losers and 29 gainers. Among the top gainers were Haldane McCall (+10%), SUNU Assurance (+9.81%), and NCR Nigeria (+9.72%), while Secure Electronic Technology led the decliners with a 9.84% drop. Despite the broader market slump, trading volume surged by 83.09%, reaching 671.26 million shares valued at ₦10.64 billion. FBN Holdings led activity with trades worth ₦6.23 billion, followed by Haldane McCall and Tantalizers.
Analysts at United Capital Plc highlighted mixed sentiments in the market. While some investors are expected to continue bargain-hunting undervalued stocks, high yields in the fixed income market may attract bearish investors. Despite short-term challenges, long-term opportunities in the equities market remain attractive, offering potential gains for strategic investors.
