Business
Nigerian stock market declines as All-Share index drops 0.74%
The Nigerian Exchange (NGX) All-Share Index (ASI) opened the week on a downward trend, losing 740.01 points to close at 98,708.90, a 0.74% drop from its previous session.
The Nigerian stock market decline, attributed to increased profit-taking after last week’s gains, brought the market capitalization to N59.81 trillion as investors adopted a cautious stance.
Trading volume also saw a significant dip, with 353.18 million shares changing hands across 9,417 deals, a notable 23.36% reduction from the previous session’s 460.85 million shares.
Top Gainers and Decliners
Top Gainers: EUNISELL led the gainers with a 10% increase to N3.85, followed by LIVESTOCK, which rose 9.97% to N3.75. TRANSCORP saw a 9.95% uptick to N48.60.
Top Decliners: BUA Cement posted the largest loss, dropping 10% to N99.00, with LASACO and DAARCOMM also declining significantly, down 9.79% and 9.38%, respectively.
Key Sector Performances
Among SWOOT stocks, BUA Cement led declines, with a 10% drop, reflecting broader market caution. In the FUGAZ category, ACCESSCORP was the only stock to post gains, rising by 2.49%, while FBN Holdings led the losses with a 6.09% decrease.
Outlook for the Week
Analysts suggest that the ASI may recover with anticipated Q3 earnings reports likely to spark renewed investor interest, particularly in the Banking, Oil & Gas, and Consumer Goods sectors, potentially propelling the ASI back toward the 99,000 mark.
Investors are also watching broader economic indicators closely, as these factors could create conditions for a short-term rebound in the Nigerian stock market.