By Seun Ibiyemi
Investors on the Nigerian Exchange Ltd. (NGX) lost N984 billion on Monday as widespread profit-taking, particularly in financial stocks, dragged the equities market into negative territory.
The bearish sentiment saw the market capitalisation decline by 0.63 per cent, dropping from N156.969 trillion recorded on Friday to N155.985 trillion.
Similarly, the benchmark All-Share Index (ASI) shed 1,534.01 points, representing a 0.63 per cent decline, to close at 243,204.73 compared with 244,738.74 posted in the previous trading session.
The market downturn also moderated the year-to-date return to 56.29 per cent.
Trading data showed that investor sentiment remained weak throughout the session, as market breadth closed negative with 48 stocks recording losses against 17 gainers.
Among the laggards, International Energy Insurance topped the losers’ chart after shedding 9.99 per cent to close at N6.40 per share.
It was followed by E-Tranzact International, which declined by 9.97 per cent to N14.90, while Neimeth International Pharmaceuticals lost 9.94 per cent to settle at N7.70 per share.
Also weighing on the market were Oando Plc, which fell by 9.81 per cent to N47.80, and Abbey Mortgage Bank Plc, which depreciated by 9.63 per cent to close at N10.30 per share.
On the gainers’ table, Royal Exchange Plc led with a 10 per cent appreciation to close at N1.65 per share.
It was followed by Ikeja Hotel Plc, which advanced by 9.97 per cent to N47.45, while Consolidated Hallmark Holdings Plc gained 9.58 per cent to settle at N9.04 per share.
Likewise, University Press Plc rose by 9.09 per cent to N6.00, while AXA Mansard Insurance Plc increased by 8.73 per cent to close at N13.70 per share.
Trading activity was mixed, with investors exchanging 569.07 million shares valued at N31.44 billion across 77,652 deals.
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This compares with the 1.7 billion shares worth N52.8 billion traded in 49,807 transactions during Friday’s session, indicating a decline in both volume and value traded.
Meanwhile, Sterling Financial Holdings Company Plc emerged as the most actively traded stock by volume, accounting for 112.17 million shares, representing 15.06 per cent of total market turnover.
On the value chart, Aradel Holdings Plc dominated trading with transactions worth N11.20 billion, contributing 30.76 per cent of the day’s total value traded.
Market analysts attributed the decline to profit-taking activities following recent gains, noting that investors remain cautious as they reassess market valuations and sector-specific opportunities.
