Stock Market Loses N1.3tn as Sell-Off Extends Bearish Run

• Nigerian equities shed N1.315tn as investors sustained heavy profit-taking across key stocks.
• All-Share Index dropped 0.84%, with 44 losers outweighing 19 gainers at Monday’s close.
• Trading activity rose sharply despite the decline, as turnover hit N22.27bn across 523.54 million shares.

The Nigerian stock market opened the week on a negative note on Monday, extending its losing streak to a second consecutive trading session as persistent selling pressure erased N1.315tn from investors’ wealth.

The Nigerian Exchange All-Share Index declined by 2,049.65 points, representing a 0.84 per cent drop, to close at 241,749.11 points. Consequently, the total market capitalisation fell by N1.315tn to settle at N155.130tn.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

The market downturn was driven by widespread price depreciation across several blue-chip and medium-capitalisation stocks, with bearish sentiment dominating trading activities. At the close of trading, 44 stocks recorded losses, compared to 19 gainers.

READ ALSO: Senate Backs Lafarge Sale To Chinese Investor, Says Nigeria’s Stake Fully Protected

PZ Cussons Nigeria led the list of losers after its share price fell by the maximum daily limit of 10 per cent to close at N81.00 per share. BUA Cement followed closely with a 9.99 per cent decline to N306.20, while Red Star Express also shed 9.98 per cent to close at N22.10.

Other major decliners included NASCON Allied Industries, Cadbury Nigeria and FBN Holdings, all of which contributed significantly to the overall market slide.

Despite the bearish performance, a number of stocks posted gains. International Breweries emerged as the day’s biggest gainer, rising 9.77 per cent to close at N14.60 per share. Nigerian Aviation Handling Company appreciated by 8.36 per cent, while UACN advanced 8.11 per cent.

Trading activity, however, remained robust as investors exchanged 523.54 million shares worth N22.27bn in 59,945 deals, representing an 18.7 per cent increase in volume compared to the previous session.

FCMB Group recorded the highest trading volume after 102.235 million shares valued at N1.019bn changed hands. International Breweries and Access Holdings also featured prominently on the activity chart, trading 26.764 million and 24.763 million shares respectively.

In terms of value, Stanbic IBTC Holdings recorded the highest turnover, with investors trading shares worth N2.865bn during the session.