Stock Market Reverses Gains Amid Cautious Sentiment

Reversing the prior day’s trading gain, the Nigerian equities market closed in the red as cautious investor sentiment triggered sell-offs across key counters.

The NGX All-Share Index declined by 0.32 per cent to 245,116.49 points, moderating its year-to-date return to 57.52 per cent. Consequently, market capitalisation shed N516 billion to settle at N159. 152 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; First Holdco, Custodian Investment, CWG, Access Holdings and Zenith Bank.

Looking ahead, Cowry Assets Management Limited said selective bargain-hunting could support a rebound, although persistent profit-taking may constrain near-term gains.

Market sentiment turned bearish, with 37 decliners outweighing 18 advancers, resulting in a negative market breadth. LivingTrust Mortgage Bank recorded the highest price gain of 9.90 per cent to close at N3.22, per share. ABC Transport followed with a gain of 9.77 per cent to close at N7.30 and Meyer up by 9.72 per cent to close at N17.50, per share.

Livestock Feeds appreciated by 9.65 per cent to close at N18.75, while Caverton Offshore Support Group rose by 6.67 per cent to close at N4.80, per share.

On the other hand, CWG led the losers’ chart by 9.98 per cent to close at N18.05, per share. Austin Laz & Company followed with a decline of 9.92 per cent to close at N3.18, while Neimeth International Pharmaceuticals lost 9.52 per cent to close at N7.60, per share.

Custodian Investment declined by 7.57 per cent to close at N64.70, while Critical Minerals Financing Corporation (CMFC) shed 7.51 per cent to close at N3.57, per share.

The total volume traded advanced by 1.5 per cent to 354.13 million units, valued at N23.60 billion, and exchanged in 32,585 deals. Transactions in the shares of Zenith Bank topped the activity chart with 48.214 million shares valued at N5.902 billion. Access Holdings followed with 40.985 million shares worth N1.105 billion, while Fidelity Bank traded 20.445 million shares valued at N441.927 million.

Guaranty Trust Holding Company (GTCO) traded 13.885 million shares valued at N1,696 billion, while Austin Laz & Company transacted 13.765 million shares worth N48.061 million.