Stocks stumble: Market sheds ₦244 billion despite slim index gain

Despite a promising start to the week, Nigeria’s stock market closed on a cautious note on Friday, as investors recorded a cumulative loss of ₦244 billion, effectively reversing gains made in the previous two sessions.

The market capitalisation slipped by 0.32 per cent, falling from ₦76.583 trillion on Thursday to ₦76.339 trillion at the close of trading.

The decline, however, came alongside a marginal increase in the benchmark All-Share Index (ASI), which edged up by 0.01 per cent or 12.46 points, settling at 120,989.66, up from 120,977.20.

Interestingly, market breadth closed on a positive note, with 39 gainers outpacing 27 losers, reflecting lingering investor interest in select equities despite the overall negative market sentiment.

On the gainers’ chart, Champion Breweries and John Holt led the pack, each appreciating by 10 per cent to close at ₦13.20 and ₦7.70 respectively.

Red Star Express surged by 9.99 per cent to ₦8.37, UPDC rose 9.98 per cent to ₦4.74, while Academy Press climbed 9.98 per cent to close at ₦6.17 per share.

Conversely, top decliners included Ellah Lakes and PZ Cussons, both of which slumped by 10 per cent, closing at ₦8.10 and ₦32.40 respectively. Ja Paul Gold dropped by 9.70 per cent to ₦2.70, Royal Exchange shed 9.49 per cent to close at ₦1.24, and McNicholas declined by 8.85 per cent to ₦2.78.

The volume and value of trades also reflected a dip in market activity. A total of 923.7 million shares valued at ₦11 billion were exchanged in 25,680 deals, compared to 933.4 million shares worth ₦29.31 billion traded in 24,207 deals on Thursday.

Ja Paul Gold dominated the activity chart with 147.1 million shares worth ₦421.62 million. It was followed by WAPIC Insurance, which saw 44.53 million shares change hands at a value of ₦94.6 million, while Access Corporation recorded 43.63 million shares worth a notable ₦984.3 million.

Other actively traded equities included Conhall Plc, which posted 42.81 million shares worth ₦122.4 million, and CHAMS, with 42 million shares valued at ₦107.89 million.