The Nigerian equities market extended its losing streak as sustained profit-taking wiped off approximately N984 billion from investors' wealth, driven by heavy selloffs in banking, oil & gas, industrial, and consumer-linked stocks.
Market Performance
At the close of trading on Monday, June 15, data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) fell by 1,534.01 points to 243,204.73 points. Market capitalisation declined to N155.986 trillion, reflecting the N984 billion loss recorded in a single session.
Market Breadth
Market breadth closed negative, with 15 stocks advancing while 48 stocks declined, underscoring widespread sell pressure.
Top Losers
- International Energy Insurance: fell from N7.11 to N6.40, losing N0.71 (-9.99%)
- eTranzact International: dropped from N16.55 to N14.90, shedding N1.65 (-9.97%)
- Neimeth International Pharmaceuticals: declined from N8.55 to N7.70, losing N0.85 (-9.94%)
- Oando: slipped from N52.95 to N47.80, down N5.15 (-9.81%)
- Abbey Mortgage Bank: fell from N11.40 to N10.30, losing N1.10 (-9.65%)
Top Gainers
- Royal Exchange: rose from N1.50 to N1.65, gaining N0.15 (+10.00%)
- Ikeja Hotels: advanced from N43.15 to N47.45, adding N4.30 (+9.97%)
- Consolidated Hallmark Holdings: increased from N8.25 to N9.04, gaining N0.79 (+9.58%)
- University Press: climbed from N5.50 to N6.00, adding N0.50 (+9.09%)
- AXA Mansard Insurance: rose from N12.60 to N13.70, gaining N1.10 (+8.73%)
Most Active Stocks
Trading activity weakened significantly as volume declined by 39.3% to 744.90 million shares worth N36.40 billion across 80,873 deals. Sterling Financial Holdings Company led activity with 102.96 million shares valued at N805.46 million. Guaranty Trust Holding Company exchanged 41.27 million shares worth N5.60 billion. FCMB Group traded 37.94 million shares valued at N433.68 million. Access Holdings recorded 27.25 million shares worth N666.01 million. United Bank for Africa exchanged 20.39 million shares valued at N877.26 million.
Market Outlook
Analysts at Atlass Portfolio Limited expect cautious trading in the week ahead, as investors anticipate the May inflation report. They noted that price movements are likely to remain measured amid ongoing profit-taking and mixed macroeconomic signals.
