Nigerian stock market opens week bearish as investors lose N76bn

Investors lost N76 billion on the Nigerian stock market on Monday as profit-taking in selected large and mid-cap stocks dragged equities lower at the start of the trading week.

The downturn saw the Nigerian Exchange Limited, NGX All-Share Index (ASI) decline by 0.05 percent, closing at 247,238.74 basis points, down from the opening level of 247,357.40 basis points.

Similarly, the market capitalisation of listed equities fell by N76 billion, dropping from N159.587 trillion at the opening of trading to N159.511 trillion at the close.

Market breadth closed negative, with 28 gainers against 32 losers, reflecting sustained profit-taking across the broader market.

Leading the gainers’ chart was CNIF, which advanced by 9.95 percent, rising from N127.60 to N140.30. It was followed by Thomas Wyatt Nigeria Plc, Lasaco Assurance Plc, Consolidated Hallmark Holdings Plc (CHH), and Chams Holding Company Plc.

On the losers’ table, SUNU Assurances Nigeria Plc shed 10.00 percent, followed by Transcorp Power Plc, International Breweries Plc, Neimeth International Pharmaceuticals Plc, and Austin Laz & Company Plc.

Investor sentiment remained cautious during the session as profit-taking outweighed bargain hunting. Although buying interest persisted in insurance and consumer goods stocks, the negative market breadth underscored investors’ preference to lock in gains after recent market rallies.