Nigerian Stock Market Closes June with N11bn Loss Amid Profit-Taking and Mixed Sentiment

The Nigerian stock market ended the month of June on a subdued note, recording a modest loss of N11 billion on the final trading day. The All Share Index (ASI) dipped slightly by 17.19 points or 0.01 percent, closing at 119,978.57 points, while the market capitalisation settled at N75.951 trillion. This minor downturn came on the heels of price depreciation in 31 companies, including notable names like Julius Berger Nigeria Plc, Lafarge Africa, and Stanbic IBTC Holdings.

The decline in market performance was largely driven by losses in medium and large-cap stocks. Besides Julius Berger, which posted a near 10 percent drop, other significant losers included GTCO, Oando, and C&I Leasing. Market analysts at Coronation Merchant Bank attributed the recent dip to short-term profit-taking following the market’s recent surge to an all-time high earlier in the week.

Looking ahead, Coronation analysts forecast a potential rotation by investors towards historically high dividend-yielding stocks in anticipation of the upcoming half-year earnings season. Macroeconomic developments are also expected to continue shaping investor sentiment in the near term. Despite the daily decline, broader market indicators suggested a balanced tone, with 32 gainers slightly edging out 31 decliners.

Among the gainers, CWG Plc led the charge with a 10 percent increase, closing at N12.65 per share. Other top-performing stocks included Caverton Offshore (up 9.96%), Neimeth Pharmaceuticals (up 9.93%), and FTN Cocoa Processors (up 9.91%). Conversely, Learn Africa fell by 10 percent to N4.59, followed by steep losses in Thomas Wyatt, Daar Communications, and Julius Berger.

Trading activity surged, with total volume climbing by over 224 percent to 2.032 billion units exchanged in 25,172 deals, valued at N44.337 billion. Royal Exchange was the most active stock with 502 million shares traded, followed by Oando and Access Holdings. UACN and LivingTrust Mortgage Bank also featured prominently on the volume chart, indicating strong investor interest despite the slight market dip.

Source: Leadership