The Nigerian Exchange Limited (NGX) extended its bearish performance on Monday as investors lost N297 billion, representing a 0.44 percent decline in market value.
According to trading data, the NGX market capitalization dropped from N68.339 trillion recorded last Friday to N68.042 trillion. Similarly, the All-Share Index declined by 471.93 points or 0.44 percent to close at 108,261.47, down from Friday's 108,733.40.
The downward trend was primarily driven by sustained profit-taking in several blue-chip stocks including Dangote Sugar, Guaranty Trust Holding Company, Vitafoam, AIICO Insurance, Zenith Bank, and Fidelity Bank, among others.
Market Performance Overview
Despite the overall bearish sentiment, the market breadth closed positive with 39 gainers outpacing 26 losers. Leading the gainers' table was Meyer Plc, which appreciated by 10 percent to close at N8.80 per share. Other top gainers included Multiverse Mining (10 percent), Smart Products Nigeria Plc (10 percent), Beta Glass (9.99 percent), and Haldane McCall Plc (9.88 percent).
On the losers' side, E-Tranzact International led with a 10 percent decline, closing at N5.40. John Holt fell by 9.48 percent to N5.25, Union Dicon Salt dropped 9.47 percent to N7.65, while C&I Leasing and Linkage Assurance declined by 8.31 percent and 8.06 percent respectively.
Trading Activity
Monday's trading session saw a total of 414.57 million shares worth N10.72 billion exchanged across 16,664 transactions. This represents a decrease from Friday's volume of 459.21 million shares valued at N11.164 billion traded in 15,723 deals.
Tantalizer dominated the activity chart with 49.19 million shares worth N113.21 million, followed by VFD Group with 48.88 million shares valued at N782.31 million. Access Corporation, Zenith Bank, and AIICO Insurance also featured prominently in the day's trading with 29.43 million, 24.316 million, and 19.108 million shares respectively.
Market analysts attribute the continued bearish trend to investors taking profits after recent gains and repositioning their portfolios in anticipation of upcoming corporate actions and economic indicators.
The NGX performance comes at a time when the Nigerian economy is showing mixed signals, with the World Bank recently projecting a 3.4 percent growth despite ongoing economic hardships faced by citizens.
