Nigerian equities market sheds N220bn as ASI slips below 141,500 points

By Seun Ibiyemi

The Nigerian equities market opened the week on a bearish note, with investors losing about N220 billion on Monday as sell pressure hit key stocks, including McNichols Plc, Ikeja Hotels Plc, and FTN Cocoa.

The All-Share Index (ASI) fell to 141,498.44 points, down from 141,845.34 points at the close of the previous session, dragging market capitalisation to N89.5 trillion from N89.7 trillion.

Market breadth also closed negative, with 28 losers outpacing 22 gainers, while 97 stocks remained unchanged across 28,621 deals.

On the gainers’ chart, Royal Exchange Assurance Plc advanced by 9.80 per cent to close at N2.24, followed by Secure Electronic Technology Plc (6.67%) at N0.80, and Chams Plc (6.13%) at N3.29.

However, losses in mid-tier and penny stocks weighed on overall market sentiment. McNichols Plc led the laggards, shedding 10 per cent to close at N3.33. Ikeja Hotels Plc dropped 9.80 per cent to N20.70, while FTN Cocoa fell 8.33 per cent to N5.50.

On the activity chart, Universal Insurance Plc was the most traded stock by volume, with 79 million shares exchanged in 184 deals. Zenith Bank Plc followed with 58 million shares in 1,503 deals, while Nigerian Breweries Plc recorded 32 million shares in 587 deals.

In terms of value, Zenith Bank Plc led the market with transactions worth N3.8 billion, followed by Nigerian Breweries Plc with N2.4 billion, and Guaranty Trust Holding Company (GTCO) with N1.7 billion.

Analysts say the market is likely to remain under pressure in the short term as investors continue to rebalance their portfolios amid profit-taking and concerns over macroeconomic headwinds.