The Nigerian stock market started the week on a negative note, with significant losses amounting to N231 billion. The All-Share Index (ASI) dropped by 370.43 points, a 0.34% decline, closing at 108,126.97 points. The downturn was primarily driven by price declines in major stocks, including Northern Nigeria Flour Mills (NNFM), Transcorp, Oando, FBN Holdings, and Eunisell Interlinked, which contributed to the overall market depreciation.
Market analysts, such as Afrinvest Limited, predict that the bearish sentiment may continue unless there are sudden, market-stimulating developments. The market breadth reflected this negative outlook, with only 17 stocks gaining in value compared to 37 stocks that lost ground. The total market capitalisation ended the day at N67.383 trillion, reflecting a weaker investor sentiment in the current market conditions.
Despite the overall decline, a few stocks saw price gains. Ikeja Hotel led the gainers with a 10% rise, closing at N12.10 per share, followed by PZ Cussons Nigeria, which gained 9.26%. Other notable gainers included Consolidated Hallmark Holdings, DAAR Communications, and Livestock Feeds. These stocks showed resilience amid the broader market challenges, but the overall trend remained downbeat.
On the flip side, NNFM topped the losers’ chart, shedding 9.99% of its value, followed by Eunisell Interlinked and Sovereign Trust Insurance, which also experienced significant declines. Despite the negative trends in stock prices, trading volume increased by 13.3%, with total transactions valued at N9.211 billion, signaling some investor activity, particularly in stocks like Jaiz Bank, Zenith Bank, and Guaranty Trust Holding Company.
SOURCE: LEADERSHIP