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By Chukwuma Umeorah
The Nigerian equities market commenced the week on a bearish trajectory as the All-Share Index (ASI) declined by 0.11 per cent, shedding 103.23 basis points to close at 98,107.52 points. This translated to a N62.6 billion loss in market capitalization, bringing it to N59.47 trillion, driven by intensified sell-offs across key sectors. The Market Year-to-Date returns moderated at 31.21 per cent.
Banking stocks led the decline, with notable selloffs in Accesscorp, United Bank for Africa, Fidelity Bank and 33 other stocks. The insurance and industrial goods sectors also contributed to the downturn, shedding 1.22 per cent and 0.53 per cent respectively. Meanwhile, the consumer goods and oil/gas sectors offered slight reprieves, recording marginal gains of 0.02 per cent and 0.44 per cent.
Overall, the market recorded mixed performance among stocks, with 19 gainers led by GOLDREBV (+10.00%), NGXGROUP (+10.00%), TANTALIZER (+9.92%), AFRIPRUD (+9.72%), and OKOMUOIL (+9.19%). On the flip side, 36 stocks declined, including NSLTECH (-10.00%), GUINEAINS (-8.93%), DEAPCAP (-8.40%), DAARCOMM (-7.02%), and RTBRISCOE (-6.12%). Market sentiment remains cautious nearing the year-end as investors monitor economic developments and adjust their portfolios to mitigate risks amid fluctuating market conditions. Trading activity showed increased investor participation, with 436.04 million unit of shares valued at N12.86 billion exchanged in 9,489 deals. This reflected a 31.43 per cent surge in the number of deals from the previous trading day. ARADEL emerged as the most traded stock by value, accounting for 38 per cent of total naira votes, followed by GTCO, Access Holdings, WAPCO, and UBA.
