The local stock market began the trading week on a bearish note, as the All-Share Index of the Nigerian Exchange Limited (NGX) dipped by 0.03 per cent to 104,529.62 basis points, reducing the year-to-date return to 1.56 per cent.
Market capitalisation also declined by 0.03 per cent to N65.469 trillion, resulting in a N21.19 billion loss in equities by the close of the session.
Despite the overall market downturn, investor sentiment remained positive, as reflected in the strong market breadth, with 28 stocks gaining while 24 declined. Top gainers included Abbey Mortgage Bank, UACN Property Development Company, Guinea Insurance, VFD Group, and Sovereign Insurance, which appreciated in share value by 9.95 per cent, 9.82 per cent, 9.52 per cent, 9.46 per cent, and 9.41 per cent, respectively.
Conversely, the biggest laggards were Associated Bus Company, Consolidated Hallmark Holdings, Japaul Gold and Ventures, Chams, and Neimeth International Pharmaceuticals, whose share prices declined in value by 10.00 per cent, 8.33 per cent, 7.46 per cent, 6.98 per cent, and 6.94 per cent, respectively.
Sectoral performance was mixed, with the Banking, Insurance, and Oil & Gas sectors closing lower by 1.99 per cent, 0.36 per cent, and 0.19 per cent, respectively. Consumer Goods posted a marginal gain, while the Industrial Goods and Commodities sectors remained flat.
Despite the decline in the index, trading activity was robust. The number of deals, transaction volume, and total value increased by 35.14 per cent, 12.69 per cent, and 4.08 per cent, respectively, with 14,583 trades executed, amounting to N10.52 billion in value and 428.16 million units exchanged.
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