Nigeria’s equities market opened the week on a bearish note on Monday, as sustained profit-taking in heavyweight banking and consumer stocks dragged the benchmark index below the psychological 200,000-point threshold, wiping off a significant N1.38 trillion from investors’ wealth.

The Nigerian Exchange (NGX) All-Share Index (ASI) declined by 1.07 per cent to close at 199,014.02 points, reversing gains recorded in the previous session and moderating the year-to-date (YTD) return to 27.89 per cent from 29.27 per cent.

Consequently, total market capitalisation dropped in tandem by 1.07 per cent to settle at N127.75 trillion.

The downturn was largely driven by heavy selloffs in bellwether stocks, notably Guaranty Trust Holding Company (GTCO), which plunged 8.18 per cent, Nigerian Breweries (NB) down 7.28 per cent, and MTN Nigeria Communications (MTNN), which shed 6.46 per cent.

Other notable laggards included Wema Bank, which declined 3.33 per cent, and Zenith Bank, down 2.27 per cent.

Despite the overall negative close, the market recorded a surprisingly strong breadth, indicating underlying resilience in several counters.

Advancers significantly outpaced decliners, with 43 to 23, reflecting a breadth ratio of about 2.19 times.

Leading the gainers’ chart was Presco Plc, which surged by the maximum allowable 10.00 per cent.

Other strong performers included John Holt Plc, Premium Paints Plc, FTN Cocoa Processors Plc (FTGINSURE), and Sovereign Trust Insurance Plc, all of which posted notable gains.

Oando Plc also impressed with a 6.04 per cent increase, while Berger Paints and Lafarge Africa (WAPCO) rose by 5.71 per cent and 1.24 per cent respectively.

On the flip side, Conhall Plc recorded the steepest loss, shedding 9.64 per cent, followed by Deep Capital Management, while GTCO, International Energy Insurance, and Nigerian Breweries also ranked among the top decliners of the day.

Sectoral performance painted a mixed picture, underscoring the uneven sentiment across industries.

The commodity index led the gainers with a 1.13 per cent increase, buoyed by renewed interest in agro-allied stocks. The oil and gas sector also posted a modest gain of 0.31 per cent, while the industrial index edged up by 0.17 per cent.

However, these gains were insufficient to offset declines in key sectors.

The banking index suffered the most significant drop, falling 2.02 per cent as investors exited positions in major tier-one lenders.

The consumer goods index also weakened by 1.13 per cent, reflecting losses in key consumer-facing companies, while the insurance sector dipped slightly by 0.16 per cent.

Trading activity presented a contrasting narrative, highlighting cautious investor participation. Total traded volume plummeted by a steep 86.00 per cent to 848.84 million shares, while total turnover declined by 58.99 per cent to N53.34 billion.

This sharp contraction suggests that many investors remained on the sidelines amid the market’s pullback.

Despite the drop in volume and value, the number of deals surged dramatically by 138.14 per cent to 139,458 transactions, indicating increased retail trading activity and possible repositioning by smaller investors.

UBA Plc emerged as the most traded stock by volume, with 114.18 million shares exchanged, even as its share price dipped marginally by 0.72 per cent. In terms of value, MTN Nigeria dominated the chart, accounting for trades worth N17.45 billion, despite its significant price decline. (Nigerian Tribune)