Nigerian Stocks Fall as Profit-Taking Wipes Out ₦471.99bn — NGX Opens Week on Bearish Note

The Nigerian stock market opened the week on a bearish note, with the Nigerian Exchange Limited (NGX) recording a ₦471.99bn dip in market capitalisation on Monday. The NGX All-Share Index dropped by 0.50 per cent to close at 148,781.90 points, extending the recent profit-taking trend that has gripped the market. As a result, investors saw the overall market value fall to ₦94.53tn, trimming the year-to-date return to 44.55 per cent.

The downward movement was largely influenced by persistent sell-offs in key stocks such as Linkage Assurance, which declined by 10 per cent, NAHCO (-9.95 per cent), and Guaranty Trust Holding Company (-0.59 per cent). Market sentiment remained weak, with only 13 gainers against 40 decliners, indicating broad investor caution. Aso Savings (+10.00 per cent), Cornerstone Insurance (+8.70 per cent), and Fidelity Bank (+4.81 per cent) emerged as the top performers for the day.

Trading activity also slowed notably, with the total volume of shares traded falling by 30.9 per cent to 364.35 million units, while total trade value dropped by 26.2 per cent to ₦11.35bn. Despite this dip, the number of deals climbed by 32.18 per cent to 32,564, signaling higher retail investor participation in smaller trade sizes. AccessCorp topped the activity chart with 22.8 million units traded, while Dangote Cement led in trade value with ₦2.15bn worth of transactions.

On the sectoral front, the insurance and consumer goods indices took the hardest hits, losing 4.24 per cent and 1.32 per cent, respectively. These losses were driven by sell pressures on AIICO (-9.89 per cent) and International Breweries (-8.33 per cent). Similarly, United Bank for Africa (-4.88 per cent) and Cutix (-6.06 per cent) weighed on the banking (-0.65 per cent) and industrial goods (-0.01 per cent) indices. Meanwhile, the commodity and oil and gas sectors ended the session unchanged.

Financial analysts at Cowry Asset Management Limited noted that the weak trading dynamics reflect reduced investor confidence amid ongoing economic challenges. “The confluence of weakened volume, lower values, and fragmented trading underscores cautious positioning as market participants continue de-risking strategies in response to challenging macroeconomic conditions,” the firm said in its daily market report.

source: punch