The Nigerian stock market opened the week on a bearish note as investors lost about N1.365 trillion in market value following a wave of sell pressure, particularly in major banking stocks. The downturn reflected renewed profit-taking activities that weakened overall investor confidence.
The All-Share Index (ASI) dropped by 2,120.20 points, or 0.94%, to close at 223,602.29 points, while market capitalisation fell to N143.970 trillion. The decline was largely driven by price drops in heavyweight stocks including Nigerian Exchange Group, First Holdco, GTCO, UBA, and Zenith Bank.
Market analysts at Cowry Assets Management Limited noted that the negative trend may continue in the short term, stating that “profit-taking activities are expected to keep weighing on investor sentiment” as the market heads into the next trading session. This suggests cautious trading behaviour may persist among investors.
Despite the overall downturn, some stocks managed gains. Abbey Mortgage Bank rose 9.26%, followed by Zichis Agro Allied Industry (8.91%), Wema Bank (8.80%), NPF Microfinance Bank (8.19%), and Wapic Insurance (7.26%), showing pockets of resilience in the market.
On the losers’ chart, First HoldCo, Trans-Nationwide Express, and UBA all dropped by the maximum 10%, while Access Holdings and Fidelity Bank also recorded sharp declines. However, trading activity remained strong, with volume rising 8.06% to 678.17 million units, led by Zenith Bank, Wema Bank, and Access Holdings, indicating that despite losses, investor participation stayed active.
source: Leadership