By Seun Ibiyemi
The Nigerian equities market began the trading week on a bearish note on Monday, shedding N1.375 trillion in market capitalisation amid widespread profit-taking by investors.
At the close of trading, market capitalisation declined by 1.07 per cent to N127.750 trillion, down from N129.125 trillion recorded at the previous session.
Similarly, the All-Share Index (ASI) dropped by 2,142.84 points, or 1.07 per cent, to settle at 199,014.02, compared to 201,156.86 posted on March 18.
Market analysts attributed the downturn to post-holiday profit-taking, particularly in bellwether stocks such as Guaranty Trust Holding Company (GTCO), Nigerian Breweries, Consolidated Hallmark Holdings, Deap Capital Management, and International Energy Insurance, among others.
Despite the overall negative performance, market breadth closed positive with 43 gainers against 23 losers, indicating pockets of buying interest.
Leading the gainers’ chart was Presco Plc, which rose by 10 per cent to close at N1,871.20. It was followed by Zochis Agro-Allied Industries, gaining 9.91 per cent to N9.43, while John Holt Plc advanced by 9.70 per cent to close at N13 per share.
Other notable gainers included Premier Paints Plc, which appreciated by 9.62 per cent to N25.65, and Fortis Global Insurance, which gained 9.45 per cent to close at N1.39 per share.
On the losers’ table, Consolidated Hallmark Holdings led with a 9.64 per cent decline to close at N4.50. Deap Capital Management fell by 8.37 per cent to N5.91, while GTCO dropped by 8.18 per cent to N105 per share.
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International Energy Insurance lost 7.67 per cent to close at N2.77, and Nigerian Breweries declined by 7.28 per cent to N70 per share.
Further analysis of trading activity showed a mixed trend, as the number of deals increased but both volume and value traded declined.
A total of 848.8 million shares worth N53.3 billion were exchanged in 139,458 transactions, compared to 6.06 billion shares valued at N130.1 billion traded in 58,562 deals on March 18.
In terms of market activity, United Bank for Africa recorded the highest trading volume with 114.17 million shares, accounting for 13.45 per cent of total trades.
Meanwhile, MTN Nigeria led in value terms with transactions worth N17.45 billion, representing 32.72 per cent of the day’s total value.
The market’s Year-to-Date (YtD) return also moderated to 27.89 per cent, reflecting the impact of the latest downturn on overall investor gains.
