Nigerian Stock Market Opens Week in Red, N1.17 Trillion Lost Amid Decline in Major Stocks

The Nigerian equities market began the week on a downward trend, recording a staggering N1.172 trillion loss. The All Share Index (ASI) dropped by 1,853.82 points, a decline of 1.26%, closing at 145,159.77 points. Correspondingly, market capitalization fell to N92.329 trillion, signaling investor caution at the start of the trading week.

Losses were largely driven by medium and large-cap stocks, with notable declines in Dangote Cement, Nigerian Enamelware, Aradel Holdings, Transnational Corporations (Transcorp), and UACN. Analysts say the market’s sluggish start reflects ongoing uncertainties in both domestic and global economic conditions affecting investor sentiment.

Imperial Asset Managers Limited noted that the market is expected to maintain a cautious and bearish tone in the near term. While selective bargain-hunting may occur in oversold stocks, the overall direction is likely to remain defensive, with the ASI trading under continued pressure.

Despite the general downturn, some stocks bucked the trend. Sovereign Trust Insurance led the gainers with a 9.97% increase, closing at N3.20 per share. Other notable performers included NCR Nigeria (+9.96%), Tantalizers (+9.81%), Prestige Assurance (+9.70%), and Eunisell Interlinked (+8.52%). This reflects pockets of optimism and targeted buying activity in select sectors.

On the losing side, Dangote Cement and Nigerian Enamelware suffered 10% declines each, closing at N534.60 and N40.50, respectively. Transcorp dropped 4.66%, while AIICO Insurance and Guinea Insurance lost 4.11% and 3.97%. Trading volume decreased sharply by 92.64% to 388.177 billion units, valued at N31.143 billion, with Tantalizers topping the activity chart. Analysts suggest cautious trading will likely dominate in the coming sessions as investors weigh risks and opportunities.

source: leadership