The Nigerian equities market started the week on a weak note as investors recorded losses of about N81bn following a mild wave of profit-taking on the Nigerian Exchange Limited (NGX). The downturn reflected cautious trading sentiment as market participants reacted to recent gains by locking in profits across selected stocks.
By the close of trading on Monday, the total market capitalisation of listed equities dropped slightly by 0.05 per cent, settling at N160.362tn, down from the previous N160.443tn. The benchmark All-Share Index also declined by 126.09 points, closing at 250,204.83 points, signaling a generally subdued performance across the bourse.
Market activity showed a mixed but slightly negative outlook, with 33 gainers against 36 decliners, indicating that selling pressure marginally outweighed buying interest. Despite the dip, several stocks recorded strong gains, led by Oando Plc, which surged by 10 per cent, alongside UPL Plc, Deap Capital Management & Trust Plc, May & Baker Nigeria Plc, and Transcorp Hotels Plc, all posting notable increases.
On the flip side, some equities suffered sharp declines, with NCR Nigeria Plc leading the laggards after shedding nearly 10 per cent. Other notable losers included Zichis Agro Allied Industries Plc, IMG Plc, Sovereign Trust Insurance Plc, and Daar Communications Plc, all of which experienced significant downward pressure during the session.
Despite the bearish tone, major blue-chip stocks such as MTN Nigeria, Dangote Cement, Julius Berger, Guinness Nigeria, and Cadbury Nigeria closed flat, reflecting cautious institutional positioning. Analysts say investor sentiment remains relatively stable, with expectations of selective bargain-hunting and renewed interest in undervalued stocks as the week progresses, especially ahead of upcoming corporate earnings releases.
source: punch