By Opeyemi Adelakun
The Nigerian equities market opened the week on a bearish note as renewed sell-offs and weak investor sentiment wiped N137bn off market capitalisation.
The NGX All-Share Index declined by 265.99 points, representing a 0.11 per cent loss, to close at 239,085.17 points.
Consequently, market capitalisation fell to N154.397tn, following price declines across several large- and medium-capitalised stocks.
First Holdco, Fidelity Bank, Ikeja Hotel, The Initiates Plc and Neimeth International Pharmaceuticals were among the major stocks that recorded losses during the session.
Market breadth was negative, with 32 stocks declining compared with 18 gainers.
International Energy Insurance led the losers’ chart, falling by 9.82 per cent to close at N3.49 per share.
Neimeth International Pharmaceuticals followed with a 9.38 per cent decline to N7.25, while Fidelity Bank lost 6.00 per cent to close at N18.80 per share.
Guinea Insurance dropped by 5.19 per cent to 73 kobo, while NPF Microfinance Bank declined by 4.82 per cent to N3.95 per share.
Gainers remain limited
Red Star Express emerged as the best-performing stock, gaining 9.86 per cent to close at N16.15 per share.
University Press appreciated by 9.38 per cent to N5.25, while UPDC rose by 5.97 per cent to N3.55 per share.
Haldane McCall gained 3.90 per cent to close at N4.00, while Sunu Assurance increased by 3.33 per cent to N3.10 per share.
Investment firm United Capital Plc said the market could remain relatively stable during the week despite recent profit-taking following the strong gains recorded earlier in the year.
The firm noted that the NGX All-Share Index remained significantly higher year-to-date, helping to sustain investor interest despite the recent pullback.
According to United Capital, investors are likely to continue favouring companies with strong earnings, attractive valuations and healthy dividend prospects.
It, however, warned that continued profit-taking could restrict market gains and keep trading cautious in the short term.
Stable naira conditions, improved investor confidence and upcoming corporate earnings reports could also influence market performance, particularly at the level of individual stocks.
Trading activity rises
Despite the decline in market value, trading activity strengthened significantly during the session.
Total volume traded rose by 60.5 per cent to 668.72 million shares, valued at N23.83bn and exchanged in 45,894 deals.
Fortis Global Insurance accounted for the highest volume, with 205.336 million shares worth N412.925m changing hands.
UBA followed with 81.334 million shares valued at N3.603bn, while First Holdco recorded 40.414 million shares worth N5.174bn.
FCMB Group traded 21.055 million shares valued at N238.692m, while Access Holdings recorded 17.867 million shares worth N484.184m.
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