Equity Market Down N1.6tn in Six Days.
The Nigerian stock market has continued its bearish trend for the sixth consecutive trading session, resulting in a significant loss of N1.6tn during this period. The All Share Index experienced a decline of 1.36%, closing at 95,781.68 points, down from the previous close of 97,100.31 points. Additionally, the market capitalization decreased by N750bn, settling at N54.40tn on Monday.
This downward trend has affected the year-to-date return, now at 28.50%, while the month-to-date return stands at -2.05%. The week-to-date return has also dropped to -1.36%. These figures indicate a challenging environment for investors as the market struggles to maintain positive momentum.
In terms of trading activity, a total of 3,546,022,683 shares were exchanged across 9,291 deals, with a combined value of N7.649bn. This represents a 16% increase in trading volume, a 2% rise in turnover, and a 21% increase in the number of transactions compared to the previous trading day, suggesting heightened activity despite the overall market decline.
The market breadth closed on a positive note, with 31 equities gaining while 18 equities declined. This indicates that, despite the overall bearish trend, there were still opportunities for some stocks to perform well during this period.
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A notable contributor to the drop in the All Share Index was Dangote Cement, which saw a 10% decrease in its share price, closing at N532. This decline highlights the impact of major companies on the overall market performance.
On the other hand, several stocks emerged as top gainers. Cutix, Skyway Aviation Handling Co., and RT Briscoe each recorded a 10% increase, closing at N2.64, N26.40, and N1.87, respectively. Oando also saw a significant rise of 9.90%, closing at N39.40, while FTN Cocoa Processors and Tantalizer rose by 9.57% and 9.09%, respectively.
In contrast, some stocks faced notable losses, including Secure Electronic Technology, which fell by 9.76% to N0.37, and Africa Prudential, which decreased by 9.68% to N8.40. Guaranty Trust Holding led the trading volume charts with 59.3 million shares exchanged, followed by Wema Bank, Access Holdings, and United Bank for Africa. The PUNCH reported that the Nigerian equity market has extended its downtrend into the second consecutive week, losing N847.03bn due to ongoing sell-offs.
The All-Share Index and market capitalisation declined by 1.51 per cent, closing last week at 97,100.31 points and N55.13tn, respectively.
