The Nigerian equities market opened the week on a negative note Monday, with market capitalisation declining by N1.375 trillion, or 1.07 per cent, as profit-taking activity weighed on key banking and consumer goods stocks. The downturn, which followed a positive close in the previous trading session, saw market capitalisation settle at N127.750 trillion, down from N129.125 trillion recorded on March 18, the last trading day of the prior week.
The All-Share Index mirrored the decline, shedding 2,142.84 points to close at 199,014.02, a 1.07 per cent drop from 201,156.86. Consequently, the Year-to-Date return moderated to 27.89 per cent, reflecting the market’s sensitivity to profit-taking after a sustained rally in the first quarter of the year.
The sell-off was driven by losses in 23 stocks, including prominent names such as GTCO, Nigerian Breweries, Consolidated Hallmark Holdings, and Deap Capital Management. Consolidated Hallmark Holdings led the losers’ chart with a 9.64 per cent decline, closing at N4.50. Deap Capital Management fell by 8.37 per cent to N5.91, while GTCO depreciated by 8.18 per cent to N105 per share. International Energy Insurance declined by 7.67 per cent to N2.77, and Nigerian Breweries shed 7.28 per cent to close at N70 per share.
Despite the overall market decline, market breadth closed positive, with 43 gainers compared to 23 losers, indicating that investor sentiment remained selective. Presco led the gainers’ chart with a 10 per cent increase, settling at N1,871.20. Zochis Agro-Allied Industries followed with a 9.91 per cent gain to close at N9.43, while John Holt rose by 9.70 per cent to N13 per share. Premier Paints advanced by 9.62 per cent to N25.65, and Fortis Global Insurance gained 9.45 per cent to close at N1.39 per share.
Analysis of market activity showed increased participation in terms of the number of deals, though both volume and value declined relative to the previous session. A total of 848.8 million shares worth N53.3 billion were traded across 139,458 transactions, compared to 6.06 billion shares valued at N130.1 billion exchanged in 58,562 deals on March 18. The rise in deal count alongside lower volume and value suggests a fragmentation of trades, with investors executing smaller orders across a wider range of stocks.
United Bank for Africa recorded the highest trading volume of the day, with 114.17 million shares, accounting for 13.45 per cent of total volume. MTN Nigeria posted the highest value of trades at N17.45 billion, representing 32.72 per cent of the day’s total value, reflecting sustained institutional interest in the telecommunications giant.
From an economic perspective, the market’s pullback is consistent with profit-taking behaviour following a strong rally in the first quarter, during which the All-Share Index had posted substantial gains. The 27.89 per cent Year-to-Date return remains robust, supported by improved corporate earnings, monetary policy stabilisation, and renewed foreign investor interest following the unification of exchange rates and tightening of monetary policy.
The losses in banking stocks, particularly GTCO, reflect profit-taking after a period of sustained appreciation driven by the sector’s recapitalisation programme and improved earnings outlook. Similarly, Nigerian Breweries’ decline may be linked to concerns about consumer spending amid elevated inflation and rising input costs. However, the strong showing in agriculture and consumer goods stocks such as Presco and Zochis suggests that investors remain positioned in sectors with defensive characteristics and exposure to domestic demand.
The mixed performance underscores the market’s transition from a broad-based rally to a more selective phase, where fundamentals and sectoral dynamics increasingly drive stock-specific outcomes. As the first quarter draws to a close, investors will be watching for corporate earnings releases and guidance that could shape sentiment for the remainder of the year.
