Nigerian stock market sees N259 billion market capitalization decline

The Nigerian Exchange Market commenced the week on a bearish note, witnessing a market capitalization loss of N259 billion on Monday. The decline was attributed to losses in the equities of several medium-cap companies.

BUA Cement topped the list of losers, experiencing a 10% decrease in share value, closing at N93.60 per unit from N104. Other affected stocks included Dangote Sugar, Lafarge, Oando Plc, Fidson, NGX Group, Zenith Bank, and United Bank for Africa.

The market capitalization and the All-Share Index dropped by 0.66%, reaching N38.823 trillion and 70,946.83, respectively. Year-to-date returns moved to 38.43%. Transaction volume on the local bourse slightly decreased to 358.53 million units, with a value of N7.10 billion, exchanged in 6,433 deals.

Despite the market’s overall loss, positive sentiments persisted, with 33 gainers and 26 losers. Thomas Wyatt led the gainers, gaining 10%, while First Bank of Nigeria Holdings, Daar Communications, DEAP Cap, and Neimeth also recorded positive movements.

On the downside, McNichols, BUA Cement, Computer Warehouse Group, Mutual Benefit, and UPDC were among the top losers.

The day’s volume and value drivers included Universal Insurance, Transnational Corporation, Airtel Africa, and GTCO.

Across all sectors, the market performance was predominantly bearish. The Insurance, Oil/Gas, and Industrial Goods indexes recorded losses, while the Banking and Consumer Goods sectors experienced marginal gains.