The Nigerian equities market extended its losing streak on Monday as investors continued to lock in profits from last week’s rally, pushing the benchmark index slightly lower. The Nigerian Exchange (NGX) All-Share Index dipped by 0.05% to close at 247,238.74 points from 247,357.40 points, reflecting cautious investor sentiment despite sustained trading activity. The modest decline wiped out approximately ₦76.56 billion in market value, reducing total market capitalization to ₦159.51 trillion, while the year-to-date return eased to 58.88%.
The latest downturn was largely driven by profit-taking across major large-cap stocks in the banking, insurance, consumer goods, and industrial sectors. Investors appeared to rebalance their portfolios after strong gains recorded in previous trading sessions, creating downward pressure on several blue-chip equities. Although buying interest remained visible in selected stocks, it was not enough to offset the wave of selling that dominated the market.
Among the day’s biggest losers, Transcorp Power suffered the steepest decline, falling the maximum 10% to close at ₦219.60 after its recent impressive run. Sunu Assurances also hit its 10% loss limit, while International Breweries, Neimeth International Pharmaceuticals, Access Holdings, Fidson Healthcare, and Oando all recorded notable losses. On the positive side, Chapel Hill Denham Nigeria Infrastructure Fund (CNIF) led the gainers with a 9.95% increase, followed by Thomas Wyatt Nigeria, Lasaco Assurance, Consolidated Hallmark Insurance, and Chams, highlighting that selective buying opportunities still existed despite the broader market weakness.
Sector performance painted a largely bearish picture, with the Insurance Index posting the biggest decline of 1.69%, followed by losses in the Consumer Goods, Commodity, Oil & Gas, and Industrial sectors. Banking emerged as the only bright spot, gaining 0.78% as investors continued to show confidence in financial stocks. Meanwhile, market breadth remained negative, with 32 declining stocks outweighing 28 gainers, reinforcing the cautious mood among investors.
Despite the decline in share prices, trading activity remained robust. Total transaction volume rose by 3.81% to 637.96 million shares, while the value of trades surged 73.60% to ₦57.20 billion across 71,240 deals. Access Holdings led in trading volume, whereas Aradel Holdings dominated by transaction value, accounting for nearly half of the day’s total turnover. Market analysts believe the latest pullback reflects healthy profit-taking rather than a widespread exit from equities. With investor interest still strong and banking stocks showing resilience, attention now turns to whether bargain hunting and renewed buying momentum will spark a market rebound in the coming sessions.
source: nairametrics
