The Nigerian stock market began the new trading week on a weak note as investors continued to sell off shares, leading to another major decline in market performance. This marks the second straight trading session of losses, with the total value of the market dropping by N1.315 trillion.
At the close of trading on Monday, the All-Share Index (ASI) fell by 2,049.65 points, representing a decline of 0.84 percent. The index ended the day at 241,749.11 points, showing that the market remained under pressure from widespread selling.
The total market capitalisation also dropped significantly, falling from its previous level to N155.130 trillion. The decline was mainly caused by losses recorded in several large and medium-sized companies, as investors reduced their holdings in many stocks.
Market sentiment remained negative throughout the trading session. Out of all the companies that recorded price movements, 44 stocks closed lower, while only 19 stocks ended the day with gains, showing that sellers clearly dominated the market.
Among the biggest losers was PZ Cussons Nigeria, whose share price fell by the maximum daily limit of 10 percent, closing at N81.00 per share. BUA Cement also recorded a sharp decline, losing 9.99 percent to finish at N306.20 per share. Red Star Express followed closely, dropping 9.98 percent to close at N22.10 per share.
Other companies that contributed to the market’s poor performance included NASCON Allied Industries, Cadbury Nigeria, and FBN Holdings, all of which recorded noticeable price declines during the session.
Despite the overall market weakness, a few companies managed to post impressive gains. International Breweries emerged as the day’s best-performing stock after its share price rose by 9.77 percent to close at N14.60 per share.
Similarly, Nigerian Aviation Handling Company (NAHCO) recorded a gain of 8.36 percent, while UACN advanced by 8.11 percent, making them some of the strongest performers during the day’s trading.
Interestingly, trading activity increased even though the market closed lower. Investors traded a total of 523.54 million shares, representing an 18.7 percent increase compared to the previous trading session. The shares exchanged were worth N22.27 billion, completed in 59,945 deals.
FCMB Group recorded the highest trading volume for the day, with investors exchanging 102.235 million shares valued at N1.019 billion. International Breweries and Access Holdings also ranked among the most actively traded stocks, with 26.764 million and 24.763 million shares traded respectively.
In terms of value, Stanbic IBTC Holdings recorded the highest turnover, with shares worth N2.865 billion changing hands during Monday’s trading session.
The latest market performance highlights the cautious mood among investors, as continued selling in major stocks outweighed gains recorded by a few companies. Market watchers will now be looking ahead to the next trading sessions to see whether investor confidence improves or if the downward trend continues.
