By Seun Ibiyemi
The Nigerian stock market began the new trading week on a cautious note this Monday, as mild profit-taking activities shaved approximately ₦11 billion off investors’ portfolios.
According to data from the Nigerian Exchange Ltd. (NGX), total market capitalisation dipped by 0.01 percent, closing at ₦106.342 trillion, down from the ₦106.353 trillion recorded at the previous close.
Similarly, the All-Share Index (ASI) experienced a marginal decline, shedding 17 points or 0.01 percent to settle at 166,112.50, compared to Friday’s close of 166,129.50.
Despite the negative closing figures, market sentiment remained largely positive, with market breadth ending in the green as 44 stocks advanced against 24 decliners.
The downturn was primarily driven by selloffs in specific equities, including Industrial and Medical Gases, Haldane McCall, LivingTrust Mortgage Bank, Ikeja Hotel, and Union Dicon Salt.
On the performance chart, the bulls were led by NCR Nigeria, Champion Breweries, and Learn Africa, all of which appreciated by 10 percent to close at ₦141.40, ₦19.25, and ₦7.15 per share, respectively.
They were closely followed by Triple Gee, which rose by 9.94 percent to close at ₦5.86, and Neimeth International Pharmaceutical, which gained 9.90 percent to settle at ₦11.10.
Conversely, Industrial and Medical Gases topped the losers’ chart, shedding 9.95 percent to close at ₦34.85 per share. Haldane McCall followed with a 9.88 percent decline to ₦3.83, while LivingTrust Mortgage Bank dropped 9.57 percent to ₦4.44.
Other notable decliners included Ikeja Hotel, which fell by 7.28 percent to ₦32.50, and Union Dicon Salt, which declined by 5.26 percent to ₦9.
Trading activity for the day showed a mixed performance. While the total transaction value dropped by 12 percent to ₦14.75 billion, both volume and deal counts surged.
The number of deals increased by 21 percent to 57,858, and trading volume rose by 17 percent, with 629.6 million shares exchanging hands. Zenith Bank dominated the value chart, trading ₦1.57 billion and accounting for over 10 percent of the day’s total turnover, while Secure Electronic Technology led in volume with 83.3 million shares traded.