The Nigerian equities market opened the week on a negative note on Monday, extending its bearish streak as sustained sell pressure in major consumer goods and industrial stocks dragged the benchmark index lower despite renewed interest in selected banking and oil and gas counters.

At the close of trading, the Nigerian Exchange (NGX) All-Share Index slipped marginally by 0.05 per cent to settle at 250,204.83 basis points, compared with the previous session’s close of 250,311.33 points. The decline shaved about N80.81 billion off investors’ wealth, with total market capitalisation closing at N160.36 trillion.

The downturn also moderated the market’s year-to-date return to 60.79 per cent, although analysts maintained that overall sentiment around equities remained broadly positive.

Investor appetite weakened further during the session as trading volume dropped 26.16 per cent to 800.46 million shares from the previous trading day. Similarly, turnover declined 16.36 per cent to ₦37.05 billion, although deal count surged by 32.48 per cent to 87,096 transactions, indicating heightened trading activity across a wider range of equities.

United Bank for Africa emerged as the most actively traded stock by volume with 64.97 million shares exchanged, while Aradel Holdings topped the value chart with transactions worth N6.15 billion.

Market breadth closed negative at 0.9x, as 36 decliners outweighed 32 gainers. Among the worst-performing stocks were NCR, ZICHIS, UACN, IMG, and SOVRENINS, all of which recorded sharp losses during the session.

On the gainers’ table, Oando and UPL led the pack with maximum allowable gains of 10 per cent, reinforcing renewed investor appetite for select energy and mid-cap stocks despite the broader market weakness.

The market’s decline reflected ongoing profit-taking after weeks of strong rallies that pushed the NGX to historic highs. They noted that investors were increasingly rotating funds into fundamentally strong growth stocks while trimming positions in sectors perceived as overbought.

Despite Monday’s weak outing, market watchers expect a possible rebound in Tuesday’s session as bargain hunters reposition to take advantage of recent price declines.

The anticipated recovery, analysts said, is likely to be supported by sustained optimism around corporate earnings, resilient liquidity in the financial system, and growing investor confidence in the long-term outlook of the Nigerian equities market.

 

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