The Nigerian equities market experienced a downturn on Monday, with market capitalisation shedding N1.02 trillion, driven by losses in banking and oil stocks. Data from the Nigerian Exchange Limited (NGX) showed that the all-share index (ASI) declined to 243,204.73 points, down from 244,738.74 points recorded on Thursday, June 11, reflecting negative market breadth. Similarly, market capitalisation fell to N155.99 trillion from N156.97 trillion in the previous session.
Sectoral Performance
Performance across sectoral indices was largely negative. The NGX Banking Index declined to 2,272.44 points from 2,299.26 points, while the Oil and Gas Index slipped to 5,516.25 points from 5,698.36 points. The Industrial Index also edged lower to 11,590.56 points. Other indices, including the NGX Insurance and Consumer Goods indices, recorded mild losses, reflecting broad-based weakness in the market.
Gainers and Losers
Despite the overall bearish sentiment, some equities posted gains. Royal Exchange Plc led the gainers, rising by 10 per cent to close at N1.65. Ikeja Hotel Plc followed with a 9.97 per cent increase to N47.45. Conhall Plc gained 9.58 per cent to settle at N9.04. Other notable gainers included UPL, Mansard Insurance, and Academy Press, with price upticks of 8.7 per cent and 9.1 per cent. On the losers' side, International Energy Insurance dropped 9.99 per cent to N6.40, e-Tranzact International Plc fell 9.97 per cent to N14.90, Neimeth International Pharmaceuticals Plc declined 9.94 per cent, and Oando Plc lost 9.81 per cent. Other decliners included NAHCO, down 9.19 per cent, and Cornerstone Insurance, down 9.17 per cent.
Market Outlook
Ambrose Omordion, chief research officer of Investdata Consulting Limited, noted that the stock market is expected to maintain a positive tone in the near term, though trading may remain within a narrow range as investors position ahead of half-year corporate earnings and key macroeconomic developments. He stated that continued demand for fundamentally strong large-cap stocks should support the market, while periodic profit-taking may limit gains. A sustained break above 245,000 points could lead to further upside, while failure to hold support around 243,000 points may result in short-term consolidation. Omordion added that overall sentiment remains encouraging due to strong liquidity, portfolio rebalancing across banking and financial stocks, and sustained investor interest in highly traded counters on the Nigerian Exchange.
