The Nigerian stock market experienced its first loss of the year, with the market capitalization declining by ₦152 billion on the back of widespread sell-offs in 51 stocks, including Northern Nigeria Flour Mills (NNFM), Vitafoam Nigeria, and Zenith Bank.
The All-Share Index (ASI) dropped by 249.42 points, reflecting a 0.24% decrease, to close at 103,398.82 points. Consequently, the market capitalization reduced to ₦63.051 trillion, marking a setback after recent gains.
Decliners Outpace Gainers
Investor sentiment, as measured by market breadth, was negative, with 19 stocks advancing while 51 stocks declined. Leading the gainers, Abbey Mortgage Bank and PZ Cussons Nigeria appreciated by 10% each to close at ₦3.63 and ₦27.50 per share, respectively. Learn Africa followed with a 9.90% gain, closing at ₦5.44 per share, while NCR Nigeria and Nigerian Exchange Group rose by 9.77% and 9.72% to close at ₦7.30 and ₦29.90 per share, respectively.
On the losers’ side, FTN Cocoa Processors, RT Briscoe Nigeria, and Veritas Kapital Assurance topped the decliners’ chart, each shedding 10% to close at ₦1.80, ₦2.70, and ₦1.53 per share, respectively. SUNU Assurance and Cornerstone Insurance followed closely, dropping by 9.98% to close at ₦10.01 and ₦4.15 per share, while Honeywell Flour Mills lost 9.92%, closing at ₦7.54 per share.
Increased Trading Volume
Despite the market’s negative performance, trading activity surged, with a 30% increase in traded volume. A total of 1.112 billion shares valued at ₦14.638 billion were exchanged across 16,617 deals.
Transactions in FBNH Holdings led the activity chart, with 161.460 million shares traded at a value of ₦4.715 billion. AIICO Insurance followed, with 120.703 million shares worth ₦225.444 million, while Tantalizers recorded 104.762 million shares valued at ₦267.395 million. Other active stocks included Universal Insurance (93.811 million shares worth ₦78.058 million) and Regency Alliance Insurance (47.325 million shares valued at ₦44.546 million).
Outlook
The market’s decline underscores investor caution amid sell-offs in large and medium-cap stocks. Analysts will watch upcoming sessions to determine whether the market can regain its upward momentum or continue its pullback.
