The Nigerian stock market kicked off the week on a slight downturn as investors cashed out on gains from Nestle Nigeria Plc and 23 other stocks, pulling the NGX All-Share Index (ASI) down by 0.03%. The index shed 33.72 points to close at 104,529.62, while the overall market capitalization dipped by N22 billion to settle at N65.685 trillion.
Despite the minor decline, market breadth remained positive, with 28 gainers outpacing 24 losers. Abbey Mortgage Bank led the gainers with a 9.95% jump to N6.74, followed closely by UPDC and Guinea Insurance, which rose 9.82% and 9.52% respectively. Sovereign Trust Insurance also posted a strong performance, up 9.41% to 93 kobo.
On the flip side, International Energy Insurance topped the losers’ list, shedding 9.76% to close at N1.48. Other notable losers included Consolidated Hallmark Holdings, Japaul Gold & Ventures, and Chams Holding Company, which all saw significant drops in share prices. NEIMETH Pharmaceuticals also recorded a 6.94% loss to N2.68.
Trading activity saw a boost, with total volume traded increasing by 12.69% to 428.16 million units worth over N10.5 billion across 14,583 deals. Access Holdings led the charge in volume, followed by heavyweights like Zenith Bank, Fidelity Bank, UBA, and GTCO. Looking ahead, analysts from United Capital Plc expect cautious trading to persist, citing high interest rates and investor hesitation ahead of the May MPC meeting as reasons for the current bearish sentiment.
Source: This Day