Nigerian equities market recorded substantial losses worth N781 billion as sustained profit-taking activities dominated trading sessions, reflecting cautious investor sentiment across major sectors.
The Nigerian Exchange Limited All-Share Index declined by 1,233 basis points or 0.87 percent to close at 140,332.44 points, while overall market capitalization dropped to N88.784 trillion. Despite the daily decline, year-to-date returns remain positive at 36.4 percent, indicating sustained annual growth momentum.
Market breadth remained negative with 45 declining stocks outweighing 16 gainers, suggesting broad-based selling pressure across various sectors. Financial services and industrial goods sectors experienced the most significant outflows as institutional investors consolidated positions ahead of third-quarter earnings releases.
Jaiz Bank emerged as the session’s top performer with a 9.75 percent gain to close at N4.39 per share, while Secure Electronic Technology followed with 9.38 percent appreciation. However, these gains were overshadowed by substantial losses in heavyweight stocks including BUA Cement and Julius Berger, which declined by approximately 10 percent each.
Trading volume decreased significantly by 64.44 percent to 573.750 million units valued at N12.877 billion, exchanged across 25,881 transactions. Fidelity Bank dominated activity charts with 96.068 million shares worth N1.991 billion, followed by Veritas Kapital Assurance and Universal Insurance with significant transaction volumes.
Investment analysts at Afrinvest Limited project continued weak investor sentiment, anticipating negative market performance in subsequent trading sessions. This cautious outlook reflects concerns about corporate earnings sustainability amid persistent macroeconomic challenges including inflation and currency volatility.
The market decline occurred despite positive developments in Nigeria’s foreign exchange reserves and improving monetary policy indicators. Professional fund managers attribute the selling pressure to portfolio rebalancing activities as investors secure profits from earlier gains while reassessing risk exposure levels.
Market participants expect enhanced volatility ahead of corporate earnings announcements and monetary policy committee meetings scheduled for the coming month.
About The Author
