The Nigerian equities market closed on a negative note as bearish sentiment dominated trading activities, wiping off about N479 billion from investors’ wealth. The downturn was largely driven by sustained sell pressure in key stocks, especially PZ Cussons Nigeria Plc and several banking and industrial names.
The All-Share Index (ASI) fell by 874.00 points, representing a 0.35% decline, to close at 246,686.66 points. In the same vein, market capitalisation dropped to N158.219 trillion, reflecting the impact of widespread losses across medium- and large-cap stocks.
Heavyweight decliners such as PZ Cussons Nigeria, Nigerian Exchange Group, First Holdco, Wema Bank, and Zenith Bank contributed significantly to the negative performance. Market breadth also remained weak, with 37 stocks closing in the red compared to just 14 gainers, signalling cautious investor sentiment.
Despite the bearish trend, a few stocks managed to post gains. International Energy Insurance led with a 9.86% rise, followed by Trans-Nationwide Express and Neimeth International Pharmaceuticals. Mortgage banking stocks like Living Trust Mortgage Bank and Abbey Mortgage Bank also recorded modest gains, offering slight relief in an otherwise subdued session.
Trading activity also slowed sharply as total volume fell by 47.9% to 587.64 million units, valued at N23.06 billion. Access Holdings dominated trading volume, followed by Zenith Bank and Consolidated Hallmark Holdings, while market analysts expect sentiment to remain mixed in upcoming sessions as investors reassess positions.
source: Leadership