The Nigerian stock market’s losing streak has now extended into a sixth day, with investors seeing losses of around N318 billion as the bearish trend on the Nigerian Exchange Limited (NGX) deepens. This downturn began last week and shows no signs of abating as the market sheds value across key stocks.
The All-Share Index (ASI) fell by 0.54% on Monday, closing at 96,907.98 points, while the overall market capitalization decreased to N58.72 trillion. Much of this decline has been attributed to widespread selloffs, particularly affecting companies like Aradel, which saw a 25.75% drop, and major industrial player BUA Cement, down by 11.09%.
Despite the challenging market, some stocks managed to post gains. JohnHolt and United Bank for Africa led the way, each seeing their share prices increase to N3.63 and N31.90, respectively. Eunisell, Sterling Financial Holding Company, and PZ Cussons also recorded gains, rising by 9.96%, 5.96%, and 4.55%, respectively.
On the flip side, several stocks experienced significant declines. Caverton Offshore Support Group led the decliners, with a 10% drop, closely followed by Aradel, Oando, FTN Cocoa, and Veritaskap, which fell by 9.99%, 9.98%, 9.90%, and 9.86%, respectively.
Trading activity remained strong despite the bearish sentiment. The volume of shares traded rose by 37.68%, and the number of deals increased by 17.98%. However, the value of traded stocks fell by 10.15%. Overall, a total of 1.22 billion shares exchanged hands across 10,386 deals, with a trading value totaling N14.23 billion.
Consolidated Hallmark Holdings Plc topped the volume chart, with 567 million shares traded at a value of N822.5 million over 23 transactions.
This sustained market dip reflects ongoing volatility, with investors cautiously navigating the challenges presented by both global economic conditions and domestic pressures within Nigeria’s equities landscape.
