N108bn wiped out: Stock Market bleeds as Investors dump shares

By Taiye Olayemi

The Nigerian stock market kicked off the week on a bearish note as investors engaged in widespread profit-taking, leading to a loss of N108 billion in market capitalisation.

At the close of trading on Monday, the market capitalisation dipped by 0.15 per cent to settle at ₦72.680 trillion, down from ₦72.788 trillion recorded last Friday.

Similarly, the All-Share Index (ASI) declined by 170.77 points, closing at 115,258.77 compared to the previous 115,429.54.

Market sentiment remained largely negative, with 43 equities posting losses against 21 gainers.

Northern Nigeria Flour Mills led the losers’ table, falling by 10 per cent to close at ₦101.30. C&I Leasing trailed with a 9.68 per cent drop to ₦4.20, while University Press fell 9.27 per cent to close at ₦4.99. Deap Capital Management lost 8.99 per cent to finish at 81k, and Learn Africa shed 8.43 per cent, ending the day at ₦3.80 per share.

On the flip side, Guinea Insurance topped the gainers’ chart, rising 10 per cent to close at 77k. Ellah Lakes appreciated by 9.93 per cent to ₦4.76, Legend Internet gained 9.87 per cent to ₦7.79, and Royal Exchange climbed 9.68 per cent to ₦1.02. Fidson Healthcare also recorded a 9.64 per cent gain, closing at ₦42.10 per share.

Trading activity was brisk, with 721.75 million shares valued at ₦22.01 billion exchanged in 22,100 deals. This was slightly lower than the previous session’s volume of 933.26 million shares worth ₦17.95 billion across 20,500 deals.

Access Corporation led the trading chart with 92.70 million shares worth ₦1.90 billion. United Bank for Africa followed with 91.36 million shares valued at ₦3.09 billion, while Zenith Bank traded 76.84 million shares worth ₦3.56 billion.

Fidelity Bank accounted for 49.99 million shares worth ₦883.99 million, and Guaranty Trust Holding Company (GTCO) moved 40.46 million shares valued at ₦2.85 billion.