The Nigerian equities market opened the week on a cautious note yesterday, recording a slight decline in value as investors adopted a wait-and-see approach. Market capitalization fell by N11 billion, while the All-Share Index (ASI) dipped 17 points, closing at 166,112.50 points, representing a marginal loss of 0.01 percent. Analysts attribute the cautious trading to profit-taking in some major stocks.
The market downturn was primarily driven by declines in large and mid-cap stocks, including Industrial & Medical Gases Nigeria, Nigerian Breweries, Ikeja Hotel, Guaranty Trust Holding Company (GTCO), and First Holdco. These losses outweighed gains in other sectors, reflecting selective investor caution at the start of the week.
Despite the slight dip, market sentiment remained generally optimistic. A total of 44 stocks advanced, while 24 declined. Champion Breweries, Learn Africa, and NCR Nigeria led the gainers with 10 percent each, closing at N19.25, N7.15, and N141.40 per share, respectively. Other notable performers included Tripple Gee & Company and Neimeth International Pharmaceuticals, which rose by nearly 10 percent each.
On the flip side, Industrial & Medical Gases topped the list of losers, falling 9.95 percent to close at N34.85 per share. Haldane McCall, LivingTrust Mortgage Bank, Ikeja Hotel, and Union Dicon Salt also recorded significant declines, reflecting the selective nature of the market pullback.
Trading activity showed increased participation, with total volume rising 16.62 percent to 629.6 million units valued at N14.754 billion across 57,858 deals. Secure Electronic Technology led in volume with 83.3 million shares, followed by Access Holdings and Jaiz Bank. Analysts, including Imperial Asset Managers Limited, forecast a mixed-to-bullish trend in the coming sessions, with income-focused stocks likely to attract more investor attention.
source: leadership