Stock market begins week lower as investors lose N77bn

Nigeria’s stock market opened the week on a negative note on Monday, with investors recording a loss of N77bn following declines in several blue-chip and mid-cap stocks.

At the close of trading, the Nigerian Exchange All-Share Index (ASI) slipped by 118.66 points, or 0.05 per cent, to settle at 247,238.74 points. Consequently, the market capitalisation fell by N77bn to N159.511tn.

The bearish performance was largely driven by losses recorded by major stocks, including Transcorp Power, Fidson Healthcare, BUA Cement, Nigerian Aviation Handling Company and NEM Insurance.

Market breadth closed in negative territory as 32 stocks declined, compared with 27 gainers.

Thomas Wyatt Nigeria emerged as the day’s best-performing stock after gaining 9.92 per cent to close at N3.99 per share. Lasaco Assurance followed with a 9.89 per cent appreciation to N2.00, while Critical Minerals Financing Corporation advanced by 9.18 per cent to N3.45.

Chams Holding Company also posted a 7.78 per cent gain to close at N4.85, while Nigerian Exchange Group appreciated by 6.96 per cent to N158.30 per share.

On the losers’ table, Sunu Assurance and Transcorp Power each shed 10 per cent to close at N3.24 and N219.60 respectively. International Breweries declined by 9.85 per cent to N12.35, while Neimeth International Pharmaceuticals fell 9.78 per cent to N8.30. Austin Laz & Company also dropped 9.64 per cent to finish at N3.28 per share.

Trading activity improved during the session, with total volume rising by 3.81 per cent to 637.96 million shares valued at N57.202bn, exchanged in 71,240 deals.

Access Holdings recorded the highest trading volume, accounting for 47.58 million shares worth N1.369bn. FCMB Group followed with 40.33 million shares valued at N478.246m, while First Holdco traded 34.20 million shares worth N4.248bn.

Champion Breweries exchanged 33.15 million shares valued at N372.208m, while Zenith Bank recorded trades of 25.44 million shares worth N3.228bn.