The Nigerian stock market experienced a slight downturn on Monday, with key performance indicators dipping by 0.01 percent. The market capitalization of the Nigerian Exchange Ltd. (NGX) decreased by N8 billion, or 0.01 percent, closing at N68.945 trillion, down from N68.953 trillion recorded on Friday. Similarly, the All-Share Index fell by 0.01 percent or 12.54 points to close at 109,697.83, compared to the previous close of 109,710.37.
Despite the overall bearish trend, market sentiment remained positive, with 46 stocks gaining value and 23 stocks declining. Ikeja Hotel and Tantalizer led the gainers’ chart, soaring by 10 percent to close at N15.40 and N2.53 per share, respectively. Beta Glass, Champion Breweries, and Northern Nigeria Flour Mills also recorded significant gains, rising by 9.98 percent, 9.97 percent, and 9.97 percent, respectively.
On the other hand, The Initiates declined by 10 percent, finishing at N6.12, while ABC Transport dropped by 9.83 percent to close at N2.66 per share. University Press and FTN Cocoa Processors also lost value, falling by 9.77 percent and 9.65 percent, respectively.
The total volume of shares traded on Monday was 486.09 million, worth N11.38 billion, across 24,883 transactions. This represents a significant increase from the 431.78 million shares worth N8.599 billion traded on Friday across 16,400 transactions. Access Corporation topped the activity chart with 45.12 million shares worth N1.05 billion, followed by Fidelity Bank, Guaranty Trust Holding Company, Cutix, and United Bank for Africa.
Reacting to the market activity, Mr. Tajudeen Olayinka, Chief Executive Officer of Wyoming Capital and Partners, described the market as balanced. He attributed the slight decline to profit-taking after a four-day bullish trend, which he said was a normal development. “The decline was not so significant; it is expected that after some days of bullish performance, profit-takers will want to realize their gains. It’s a balanced market anyway,” he stated.
The Nigerian stock market’s performance on Monday reflects the ongoing volatility in the global market. Despite the slight downturn, the market remains optimistic, with many stocks recording significant gains. As investors continue to navigate the market, it is essential to stay informed and adapt to the changing trends and developments. With the market expected to continue its upward trend, investors are advised to remain cautious and make informed decisions to maximize their returns.
