The Nigerian equities market opened the trading week on a negative note on Monday, extending its losing streak for a second consecutive session as widespread selling pressure wiped N1.315tn off the total market capitalisation.
The All-Share Index fell 0.84 per cent, losing 2,049.65 points to close at 241,749.11 points. Similarly, the total value of listed equities shed N1.315tn, finishing the day at N155.130tn. The day’s negative performance was primarily driven by price depreciation in highly capitalised and medium-tier stocks. Market sentiment was heavily skewed towards the bears, with 44 decliners dominating 19 advancers.
PZ Cussons Nigeria led the laggards with a maximum daily drop of 10.00 per cent to close at N81.00 per share. Industrial giant BUA Cement followed closely, losing 9.99 per cent to close at N306.20, while Red Star Express dropped 9.98 per cent to close at N22.10.
Other notable stocks contributing to the downturn included NASCON Allied Industries, Cadbury Nigeria, and FBN Holdings.
Conversely, International Breweries emerged as the day’s top gainer, surging 9.77 per cent to close at N14.60 per share. The Nigerian Aviation Handling Company and UACN also recorded strong performances, advancing 8.36 per cent and 8.11 per cent, respectively.
Despite the downturn in prices, market activity saw a significant boost. The total volume of shares traded advanced 18.7 per cent, reaching 523.54 million units valued at N22.27bn across 59,945 deals.
FCMB Group topped the activity chart, trading 102.235 million shares valued at N1.019bn. International Breweries and Access Holdings were also heavily traded, accounting for 26.764 million and 24.763 million shares, respectively. At the same time, Stanbic IBTC Holdings recorded the highest value turnover of the day, moving N2.865bn worth of shares.