The Nigerian stock market commenced the trading week in a bearish manner, as observed in the drop of the benchmark index by 0.34%. Additionally, the Market Capitalisation experienced a decline of 0.35%, amounting to ₦140 billion.
This downward trend was primarily attributed to profit-taking activities in major industrial players such as DANGOTE CEMENT PLC, STANBIC IBTC HOLDINGS PLC, and DANGOTE SUGAR REFINERY PLC. Nonetheless, some companies like MTN COMMUNICATIONS PLC, ZENITH BANK PLC, and GUARANTY TRUST HOLDING COMPANY PLC managed to register gains.
For the Month-to-Date and Year-to-Date returns, the figures stood at +3.4% and +43.9% respectively, indicating a moderation in growth compared to previous periods.
In terms of trading volume, there was a 2.3% increase, while the value of transactions witnessed a 21.99% decline. A total of 432.91 million shares were exchanged in 8,901 deals, with JAIZ BANK PLC emerging as the most traded stock by volume, and GEREGU PLC as the most traded stock by value.
A market breadth analysis revealed a positive sentiment, with 38 advancing issues outnumbering 21 declining ones. Notable gainers of the day included ETERNA PLC, AXAMANSARD INSURANCE PLC, and MULTIVERSE MINING AND EXPLORATION PLC, while U A C N PLC, DEAP CAPITAL MANAGEMENT & TRUST PLC, and CAVERTON OFFSHORE SUPPORT GRP PLC topped the losers’ list.
Breaking down the market performance by sector, the Insurance, Oil & Gas, and Banking indices experienced gains, whereas the Industrial Goods and Consumer Goods indices recorded declines.
The week has certainly commenced on a challenging note for the equities market, with various factors contributing to the bearish start. As investors continue to monitor the situation, it remains to be seen how the market will perform in the coming days. This calls for a cautious approach and a keen eye on key developments that could influence trading activities.
With the festive season in full swing and the year drawing to a close, the stock market is navigating through a mix of influences, both domestic and international. As the trading week progresses, market participants will be closely observing the dynamics at play, while also considering the broader economic landscape.
