The Nigerian equities market opened the new trading week on a weak footing on Monday as sustained profit-taking in several blue-chip stocks wiped N77bn off investors' wealth.
The bearish sentiment dragged the Nigerian Exchange (NGX) All-Share Index (ASI) down by 118.66 points, or 0.05 per cent, to close at 247,238.74 points, while the market capitalisation declined to N159.511tn from the previous session's N159.588tn.
The market downturn was driven by price losses in major stocks, including Transcorp Power, Fidson Healthcare, BUA Cement, Nigerian Aviation Handling Company (NAHCO) and NEM Insurance, reflecting investors' cautious mood at the start of the week.
Market breadth also closed in negative territory, with 32 stocks posting losses against 27 gainers, underscoring the predominance of selling pressure across the market.
Despite the overall decline, a number of stocks recorded impressive gains. Thomas Wyatt Nigeria led the advancers with a 9.92 per cent appreciation to close at N3.99 per share. Lasaco Assurance followed closely after rising 9.89 per cent to N2.00, while Critical Minerals Financing Corporation gained 9.18 per cent to settle at N3.45.
Chams Holding Company advanced by 7.78 per cent to N4.85, while Nigerian Exchange Group added 6.96 per cent to close at N158.30 per share.
On the downside, Sunu Assurance and Transcorp Power topped the losers' chart after each shedding 10 per cent to close at N3.24 and N219.60, respectively. International Breweries fell 9.85 per cent to N12.35, Neimeth International Pharmaceuticals declined by 9.78 per cent to N8.30, while Austin Laz & Company dropped 9.64 per cent to close at N3.28 per share.
Trading activity, however, remained robust as investors exchanged 637.96 million shares worth N57.202bn in 71,240 deals, representing a 3.81 per cent increase in volume compared with the previous trading session.
Access Holdings emerged as the most actively traded stock by volume, with 47.58 million shares valued at N1.369bn changing hands. FCMB Group followed with 40.33 million shares worth N478.246m, while First Holdco recorded transactions of 34.20 million shares valued at N4.248bn.
Champion Breweries traded 33.15 million shares worth N372.208m, while Zenith Bank completed the list of the most active stocks with 25.44 million shares valued at N3.228bn.
Market analysts said investors are likely to remain selective in the coming sessions, balancing profit-taking in recently appreciated stocks with renewed interest in fundamentally strong counters as the earnings season gathers momentum.
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