The Nigerian Exchange Limited (NGX) started the week on a mildly bearish note on Monday, with selling pressure across several equities dragging the benchmark index and market capitalisation lower. The market capitalisation opened at N162.842 trillion and closed at N162.751 trillion, shedding N91 billion during the session. This decline reflects the negative trend in the market.
The NGX All-Share Index (ASI) also experienced a decline, opening at 250,808.27 points and closing at 250,667.86 points, falling by 140.41 points or 0.06 percent. The market breadth was negative, with 29 equities declining against 24 gainers, while several major stocks closed flat during the session. This mixed performance indicates a cautious trading environment.
The session witnessed mixed price movements, with selected equities posting strong gains while heavier losses across a number of counters pulled the broader market lower. Top gainers included SOVRENINS, which advanced 10.00 percent to N2.31, FTNCOCOA, which advanced 9.97 percent to N8.38, and TRIPPLEG, which rallied 9.87 percent to N2.56. These gains were notable but not enough to offset the overall market decline.
On the other hand, CMFC recorded the highest loss of the session with -9.80 percent to N4.05, followed by ABCTRANS, which suffered a significant loss of -9.46 percent to N6.70. Other decliners included AFRIPRUD, which shed -7.31 percent to N10.15, JAPAULGOLD, which declined -6.94 percent to N2.68, and WAPIC, which dropped -6.36 percent to N2.21. These losses contributed to the negative market breadth.
Several major stocks, including Dangote Cement, Seplat Energy Plc, Custodian Investment Plc, Julius Berger Plc, Champion Breweries Plc, BUA Foods Plc, and Dangote Sugar Refinery Plc, closed flat during the session. This indicates a cautious approach by investors, with many stocks not experiencing significant price movements.
Overall, Monday’s trading session ended on a slightly weaker footing, with the ASI and market capitalisation both slipping marginally. Although several equities recorded notable gains, the broader market remained pressured by losses across key counters, resulting in more decliners than gainers at the close. This performance reflects the ongoing trends in the market.
The current market trends indicate a need for investors to carefully assess the market and make informed decisions. With the ASI and market capitalisation experiencing declines, it is essential to monitor the market closely and adjust investment strategies accordingly. The mixed performance of equities and the negative market breadth also highlight the importance of a cautious approach.
Key points
- NGX market capitalisation falls N91 billion to N162.751 trillion.
- ASI slips 0.06 percent to close at 250,667.86 points.
- 29 equities decline against 24 gainers as market breadth turns negative.
