The Nigerian equities market opened the week on a negative note, extending its recent softening trend as profit-taking in major bellwether stocks dragged the NGX All-Share Index down by 1.26 percent to close at 145,159.77 points.
Market capitalisation fell by N1.17 trillion to N92.33 trillion, despite the listing of 1.96 billion ordinary shares of Chams Holding via private placement.
The downturn was largely driven by sharp selloffs in Dangote Cement, which declined by 10.0 percent, and Transcorp, which shed 4.7 percent. Their combined impact weighed heavily on overall market performance. Consequently, the month-to-date return weakened to 5.8 percent, while year-to-date performance moderated to 41.0 percent.
Market sentiment was relatively neutral, with 28 gainers narrowly outperforming 24 losers, resulting in a market breadth of 1.0x. Top gainers included Sovereign Insurance, NCR, Tantalizer, Prestige Assurance and Eunisell, with Sovereign Insurance and NCR rising 10.0 percent each. On the laggards’ list, Dangote Cement and Enamelware both posted 10.0 percent losses, while Transcorp, AIICO Insurance and Guinea Insurance also closed lower.
Sector performance mirrored the broader bearish trend. The Industrial Goods Index recorded the steepest decline at 4.48 percent, driven primarily by the slump in Dangote Cement. This was followed by losses in the Oil & Gas Index (down 1.18 percent), Banking (down 1.01 percent), Commodity (down 0.08 percent) and Consumer Goods (down 0.02 percent). The Insurance Index was the only sector to close positive, advancing 0.07 percent.
Trading activity was mixed as total volume plunged by more than 92 percent to 360.61 million units, reflecting a sharp cooldown from the previous session. Market value also fell by 26.88 percent to N30.89 billion, even as the number of deals climbed 15.83 percent to 27,975, indicating active retail participation through smaller-sized trades. Tantalizer topped the activity chart by volume with 57.12 million units, while Aradel Holdings led by value at N21.50 billion.
Analysts say the negative start to the week reflects continued market recalibration following last week’s volatility, with investors booking profits in heavyweights amid broader macroeconomic concerns. They note that bargain hunters may begin to re-enter the market if the current downward momentum persists.
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