The Nigerian equities market closed lower as renewed selling pressure and profit-taking dragged investor wealth down by N260 billion at the end of the trading session. The market’s overall capitalisation fell to N154.137 trillion, reflecting a cautious mood among investors as major stocks recorded price declines.
The All-Share Index (ASI) also dropped by 402.25 points, representing a 0.17 per cent decline, to close at 238,682.92 points. The downturn was largely driven by losses in some large- and medium-capitalised stocks, including FTN Cocoa Processors, Zenith Bank, PZ Cussons Nigeria, Zichis Agro Allied Industry and Oando, putting additional pressure on the market.
Market sentiment remained firmly negative, with 39 stocks recording losses compared with 17 gainers. Despite the broader decline, some companies managed to buck the trend. Neimeth International Pharmaceuticals posted the biggest gain of 9.66 per cent to close at N7.95 per share, followed by NEM Insurance, which gained 6.67 per cent to N32.00, while Regency Alliance Insurance rose 6.25 per cent to 85 kobo.
On the losing side, Fidson Healthcare led the decline, falling 9.99 per cent to close at N84.20 per share. FTN Cocoa Processors dropped 9.94 per cent to N7.79, while International Energy Insurance declined 9.74 per cent to N3.15. Livestock Feeds and Omatek Ventures also recorded significant losses, falling 9.43 per cent and 9.42 per cent respectively.
Despite the weaker market performance, trading activity increased, with total volume rising 9.7 per cent to 733.350 million shares, valued at N34.524 billion across 49,210 deals. Cowry Assets Management Limited expects the bearish trend to persist amid continued profit-taking, although it noted that portfolio adjustments and strategic repositioning could provide room for a possible recovery in the coming sessions.
source: Leadership
