The Nigerian stock market began the month of July on a weak footing, wiping out N2.39 trillion in investor wealth as persistent selling pressure triggered a broad market decline. The bearish sentiment dragged the Nigerian Exchange (NGX) All-Share Index down by 3,729.11 points, or 1.63 per cent, to close at 225,690.07 points, while market capitalisation fell to N144.83 trillion.
The sharp decline was largely driven by losses recorded in some of the market’s most influential stocks, including Aradel Holdings, Dangote Cement, NASCON Allied Industries, Zenith Bank, and Guaranty Trust Holding Company (GTCO). The sell-off reflected cautious investor sentiment as traders moved to secure profits and reduce exposure amid ongoing market uncertainties.
Despite the overall downturn, a handful of stocks delivered impressive gains. Austin Laz & Company topped the gainers’ chart with a 10 per cent increase to close at N3.30 per share. Guinea Insurance followed closely with a 9.89 per cent rise to N1.00, while Abbey Mortgage Bank advanced by 9.66 per cent to close at N7.95. Daar Communications and Regency Alliance Insurance also posted notable gains, offering some relief in an otherwise gloomy trading session.
On the downside, McNichols, Neimeth International Pharmaceuticals, and Aradel Holdings recorded the steepest losses, each shedding 10 per cent of their share prices. NASCON Allied Industries also suffered a significant decline of 9.98 per cent, while International Breweries dropped by 9.52 per cent. The negative market breadth, which saw 33 decliners against 28 gainers, underscored the dominance of bearish sentiment across the trading floor.
Trading activity also slowed considerably as investors adopted a cautious approach. Total traded volume fell by 54.7 per cent to 437.6 million shares valued at N12.73 billion across 45,068 deals. Sterling Financial Holdings Company emerged as the most actively traded stock with 124.62 million shares exchanged, followed by UPDC, Access Holdings, Honeywell Flour Mills, and United Capital. Market analysts say investor attention will remain focused on corporate earnings, economic indicators, and policy developments that could influence trading direction in the coming weeks.
source: punch
