Market capitalisation fell by N107bn as the Nigerian stock market extended its bearish run to five consecutive sessions amid continued profit-taking by investors.
Nigeria’s equities market extended its bearish run on Monday, losing N107 billion in market capitalisation as investors continued to take profits in medium- and large-cap stocks.
The decline marked the fifth consecutive trading session of losses, with the market’s key indicators falling by 0.07 per cent. The latest figures were consistent with market reports on Monday’s session.
Market capitalisation declined to N156.517 trillion from N156.623 trillion recorded at the close of trading on Friday, representing a loss of N107 billion.
Similarly, the NGX All-Share Index fell by 164.55 points, or 0.07 per cent, to settle at 242,454.65 points.
The decline moderated the market’s year-to-date return to 55.81 per cent, while market breadth remained negative, with 36 stocks recording losses against 19 gainers.
RT Briscoe led the losers’ table, declining by 9.91 per cent to close at N10.45 per share.
Fortis Global Insurance followed with a 9.89 per cent loss to close at N2.37, while McNicholas dropped by 9.62 per cent to N4.70 per share.
University Press declined by 9.35 per cent to N4.85, while NEM Insurance shed 8.83 per cent to close at N30.45 per share.
The broad-based losses reinforced the bearish sentiment that has dominated the market over the past five sessions.
Despite the overall decline, some equities recorded significant gains. Trans-Nationwide Express led the gainers’ table, rising by 9.86 per cent to close at N3.12 per share.
AVA Capital followed with a 9.72 per cent gain to N7.90, while Thomas Wyatt Nigeria appreciated by 9.09 per cent to close at N3 per share.
Legend Internet gained 8.75 per cent to finish at N4.35, while Dangote Sugar advanced by 8.60 per cent to N70.10 per share.
Trading activity also weakened during the session, with total volume falling by 5.89 per cent to 1.33 billion shares.
Lasaco Assurance dominated the volume chart, with 730.69 million shares changing hands. The volume accounted for 54.93 per cent of the total shares traded during the session.
In terms of value, MTN Nigeria Communications (MTNN) recorded the highest turnover, with transactions worth N7.30 billion, representing 31.83 per cent of the total value traded.
The latest decline comes after the Nigerian equities market also closed lower on Friday, when the NGX All-Share Index fell 0.39 per cent to 243,017.38 points amid broad selling pressure.
The continued weakness suggests that investors are locking in gains following the market’s strong performance earlier in the year, with profit-taking pressure remaining the dominant short-term driver of sentiment.
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