Stock Market Declines By N437bn

The Nigerian stock market yesterday extended its bearish run, declining by N437 billion amid sustained profit-taking across key economic sectors.

The All-Share Index (ASI) lost 691.52 points, representing a loss of 0.49 per cent, to close at 140,557.24 points. Market capitalisation shed by N437 billion to close at N88.935 trillion.

The decline was driven by price depreciation in large and medium-capitalised stocks, including Nestle Nigeria, Lafarge Africa, Dangote Sugar Refinery, Guaranty Trust Holding Company (GTCO), and Cadbury Nigeria.
On the market outlook, Imperial Asset Managers Limited said, “We expect the continuation of a mixed trend, to be dictated by bargain hunting ahead of Tier-1 H1 2025 earnings releases and interim dividend announcements.”

As measured by market breadth, investor sentiment remained negative as 19 stocks advanced, while 39 declined. SCOA Nigeria emerged as the highest price gainer of 10 per cent to close at N6.05 per share. R.T. Briscoe followed with a gain of 9.80 per cent to close at N3.36, while NEM Insurance advanced by 7.96 per cent to close at N31.20 per share.

Nigerian Exchange Group increased by 7.94 per cent to close at N57.80, while McNichols added 7.04 per cent to close at N3.80 per share.

Conversely, International Energy Insurance led others on the losers’ chart with 9.62 per cent to close at N3.29, per share. Omatek Ventures followed with a decline of 8.97 per cent to close at N1.32, while Ellah Lakes shed 8.49 per cent to close at N13.68, per share.

Royal Exchange declined by 6.98 per cent to close at N2.00, while SUNU Assurance declined by 6.42 per cent to close at N5.54 per share.

However, the total volume traded rose by 29.6 per cent to 885.023 million units, valued at N28.301 billion, and exchanged in 26,163 deals. Transactions in the shares of Champion Breweries led the activity, with 201.053 million shares worth N3.474 billion. Access Holdings followed with 102.182 million shares valued at N2.762 billion, while GTCO traded 96.450 million shares valued at N8.887 billion.

Sterling Financial Holdings Company traded 90.824 million shares worth N726.592 million, while First Holdco traded 46.258 million shares worth N1.505 billion.