The Nigerian Stock Exchange (NSE) continues to experience a bearish trend, extending to its sixth consecutive trading session, resulting in a significant loss of N1.6 trillion. The All Share Index (ASI) fell by 1.36%, closing at 95,781.68 points, down from the previous close of 97,100.31 points. Market capitalization also saw a reduction of N750 billion, settling at N54.40 trillion on Monday.
This ongoing decline has affected the year-to-date return, which now stands at 28.50%, with a month-to-date loss of 2.05% and a week-to-date loss of 1.36%.
Despite the overall market downturn, trading activity showed some resilience. A total of 3.5 billion shares were traded across 9,291 deals, with a combined value of N7.649 billion. This represents a 16% increase in trading volume, a 2% increase in turnover, and a 21% increase in the number of deals compared to the previous trading session.
Notably, Dangote Cement’s 10% loss, closing at N532, was a major factor in the ASI’s decline. However, the market breadth was positive, with 31 equities gaining and 18 declining. Among the top gainers were Cutix, Skyway Aviation Handling Co., and RT Briscoe, each with a 10% increase. On the losing side, Secure Electronic Technology and Africa Prudential experienced significant declines of 9.76% and 9.68%, respectively.
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The Nigerian equity market also recorded a broader decline last week, with the ASI and market capitalization dropping by 1.51%, losing N847.03 billion due to sell-offs.
