Stock market reverses 14-day bullish run, sheds N1.3trn

The Nigerian stock market halted its bullish rally on Monday after 14 consecutive sessions of gains, resulting in a loss of N1.365 trillion.

The downturn was driven by profit-taking in stocks such as FirstHoldCo, Trans-Nationwide Express, United Bank for Africa, Access Corporation, Fidelity Bank, and 35 others.

Market capitalisation fell by 0.94 per cent, or N1.365 trillion, to close at N143.969 trillion, down from N145.334 trillion.

The All-Share Index also dropped from 225,722.49 to 223,602.29, a decline of 2,120.20 points or 0.94 per cent.

The Year-to-Date return stood at 43.69 per cent, while the market breadth closed negatively with 40 decliners and 36 advancers.

On the losers’ chart, Firstholdco, United Bank for Africa, and Trans-Nationwide Express led by 10 per cent each, closing at N67.50, N49.50, and N7.11 per share, respectively.

Access Corporation dipped by 9.90 per cent, settling at N28.20, while Fidelity Bank dropped by 9.87 per cent, finishing at N20.10 per share.

PTAD clears final ₦32,000 pension arrears for 54,206 retirees

Conversely, Abbey Mortgage Bank led the gainers’ chart by 9.26 per cent, ending the session at N5.90, Zichis Agro Allied Industries trailed by 8.91 per cent, finishing at N16.99, and Wema Bank gained by 8.80 per cent, settling at N34 per share.

NPF Microfinance Bank soared by 8.19 per cent, closing at N5.68, while WAPIC increased by 7.26 per cent, ending the session at N2.66 per share.

Market activity closed higher for the day, as total traded volume rose by 8.06 per cent to 678.17 million shares, valued at N44.14 billion across 83,838 deals.

Zenith Bank led the activity chart, recording the highest volume and value with 76.07 million shares worth N9.53 billion.

This represented 11.22 per cent and 21.60 per cent of the day’s total volume and value, respectively.