The Nigerian equities market opened the week on a softer note as profit-taking in select stocks dragged the market slightly lower. Despite the mild decline, overall performance remains buoyed by strong year-to-date gains and sustained investor confidence.

The All-Share Index fell by 0.50 percent on Monday, pressured by sell-offs in Nigeria Aviation Handling Company, Mutual Benefits Assurance, and AIICO Insurance. Nevertheless, the market’s Year-to-Date return remains robust at 44.50 percent, while the Month-to-Date performance stands at 3.47 percent, reflecting continued market resilience.

The market capitalization stood firm at N94.53 trillion, while the fixed income market maintained stability with a capitalization of N52.60 trillion, underscoring sustained investor confidence across asset classes.

Market breadth closed negative at 0.31 times, with 13 gainers against 42 decliners, as investors rebalanced their portfolios. Analysts, however, note that such intermittent corrections present strategic entry opportunities for long-term investors.

Total market turnover settled at 11.35 billion across 32,538 deals, representing a 26.10 percent decline in value and 30.88 percent drop in volume compared to the previous session.

Leading stocks by value traded were Dangote Cement, trading N2.15 billion; Zenith Ban, N1.31 billion; Lafarge Africa, N1.03 billion; Aradel Insurance, N644 million, and Guaranty Trust Holding Company at N520 million.

“Short-term market adjustments are normal in a dynamic market like Nigeria’s. The underlying fundamentals remain strong, and the year-to-date performance highlights the resilience and depth of our capital markets,” said David Adonri, Vice-Chairman, Board of HighCap Securities.

Despite the profit-taking, the equities market continues to show remarkable strength, supported by high liquidity, solid corporate earnings, and improving macroeconomic indicators.

With the All-Share Index still up 44.50 percent year-to-date and capitalization holding above N94 trillion, analysts remain optimistic that the market will sustain its upward momentum through year-end, driven by domestic investor participation and renewed foreign interest.

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