The Nigerian stock market ended the trading session in the red, shedding N479 billion in market capitalization as investors cashed in on recent gains, dragging down shares of PZ Cussons Nigeria Plc and 36 other equities.
The Nigerian Exchange Limited All Share Index fell 874.00 points, or 0.35 percent, to close at 246,686.66 basis points. This pushed the month-to-date and year-to-date returns to -1.5 percent and +58.5 percent, respectively, signaling a cautious turn in investor sentiment.
Market breadth was decidedly weak, with 37 stocks declining against just 14 gainers. Leading the winners, International Energy Insurance posted the highest price gain of 9.86 percent, closing at N5.46 per share. Trans-Nationwide Express followed with a 7.14 percent rise to N5.10, while Neimeth International Pharmaceuticals gained 6.80 percent to close at N11.00. Living Trust Mortgage Bank rose 5.00 percent to N4.20, and Abbey Mortgage Bank added 4.44 percent to settle at N7.05.
On the losing side, PZ Cussons Nigeria and CWG were the biggest laggards, each dropping 10 percent to close at N88.20 and N21.60, respectively. Associated Bus Company fell 9.95 percent to N6.88, Wema Bank slipped 9.09 percent to N30.00, and Sovereign Trust Insurance declined 8.16 percent to N2.70.
Trading activity saw total volume plunge 47.9 percent to 587.64 million units, valued at N23.06 billion, across 63,954 deals. Access Holdings dominated the activity chart with 113.096 million shares worth N2.707 billion. Zenith Bank followed with 38.091 million shares valued at N4.806 billion, while Consolidated Hallmark Holdings traded 35.433 million shares worth N243.429 million. Neimeth International Pharmaceuticals moved 28.834 million shares valued at N298.761 million, and Sterling Financial Holdings Company sold 28.208 million shares worth N220.099 million.
Looking ahead, Cowry Assets Management Limited expects market sentiment to remain mixed in the next trading session, as investors weigh profit-taking opportunities against lingering bullish momentum.
