By Taiye Olayemi
The Nigerian stock market kicked off the week with a slight dip, as performance indices fell by 0.03%.
The Nigerian Exchange Ltd. (NGX) market capitalisation saw a drop of N21 billion, sliding from N65.706 trillion on Friday to N65.685 trillion by Monday’s close.
The All-Share Index dropped by 33.72 points, or 0.03%, to finish at 104,529.62, compared to 104,563.34 on the previous trading day. The downturn was attributed to profit-taking and heightened sell pressure across key sectors of the market.
Despite the dip, market breadth remained positive, with 28 gainers outperforming 24 losers.
Leading the gainers’ pack was ABBEY Mortgage Bank, surging 9.95% to close at N6.74 per share. UPDC Real Estate Investment Trust followed with a 9.82% rise to N3.13 per share, while Guinea Insurance and VFD Group gained 9.52% and 9.46%, respectively, closing at 69k and N96.00 per share. Sovereign Trust Insurance also posted a 9.41% increase, settling at 93k per share.
On the losing side, International Energy Insurance took the biggest hit, falling by 9.76% to close at N1.48. Consolidated Hallmark Plc declined by 8.33%, ending the day at N2.75 per share. Japaul Gold and Ventures Plc followed with a 7.46% drop to N1.86 per share, while Chams Holding Plc lost 6.98%, settling at N2.00 per share. Neimeth International Pharmaceutical also saw a 6.94% decrease, closing at N2.68 per share.
Investor activity remained robust, with a total of 428.16 million shares valued at N10.518 billion traded across 14,583 transactions. This was an increase from Friday’s 379.95 million shares worth N10.10 billion across 10,791 deals.
Leading the trading activity were Access Corporation, with 55.98 million shares worth N1.14 billion; Zenith Bank, with 55.43 million shares valued at N2.76 billion; and Fidelity Bank, which saw 39 million shares worth N725 million exchanged. United Bank for Africa and Guaranty Trust Holding Company also recorded significant trading volumes.
The market’s performance signals cautious trading as investors await further developments.
