Investors on the Nigerian Exchange Limited (NGX) suffered a loss of N1.315 trillion on Monday as persistent sell-offs across major stocks extended the market’s downward trend for a second consecutive trading session.
The bearish sentiment pushed the market capitalisation of listed equities down from N156.445 trillion to N155.130 trillion, while the benchmark All-Share Index (ASI) shed 2,049.65 points, or 0.84 per cent, to close at 241,749.11 points.
Market analysts attributed the decline to sustained profit-taking and heavy selling pressure in several blue-chip and medium-cap stocks, which outweighed gains recorded by a handful of equities.
Trading data showed that market breadth remained negative, with 44 stocks closing in the red compared to 19 gainers, underscoring investors’ cautious mood.
PZ Cussons Nigeria led the losers’ chart after its share price declined by 10 per cent to settle at N81.00 per share. BUA Cement also recorded a sharp decline, shedding 9.99 per cent to close at N306.20, while Red Star Express dropped 9.98 per cent to N22.10 per share.
Other stocks that posted notable losses included NASCON Allied Industries, Cadbury Nigeria and FBN Holdings, contributing significantly to the market’s overall decline.
On the gainers’ table, International Breweries emerged as the best-performing stock, appreciating by 9.77 per cent to close at N14.60 per share. Nigerian Aviation Handling Company followed with an 8.36 per cent increase, while UACN gained 8.11 per cent.
Despite the market downturn, trading activity strengthened considerably during the session.
A total of 523.54 million shares worth N22.27 billion were exchanged in 59,945 deals, representing an 18.7 per cent increase in volume compared to the previous trading day.
FCMB Group recorded the highest trading volume, with investors exchanging 102.24 million shares valued at N1.02 billion. International Breweries and Access Holdings also featured prominently among the most actively traded stocks, recording volumes of 26.76 million and 24.76 million shares, respectively.
In terms of value, Stanbic IBTC Holdings led the market with transactions worth N2.87 billion.
The latest decline reflects ongoing volatility in the equities market as investors continue to reassess positions amid changing economic conditions and corporate earnings expectations.