Yesterday, the Nigerian equities market stayed under strain, closing in the red for a second straight session as investors suffered a combined loss of N662 billion. Selloffs in Conoil Plc and 49 other listed companies contributed to the fall, negatively impacting general market sentiment.
Dropping 0.73 per cent and losing 1,047.16 points, the AllShare Index settled at 141,566.31. As a result, the market capitalisation fell to N89.565 trillion. Analysts at Vetiva Dealings and Brokerage advised a cautious approach until clearer signals emerge from major industries and blue-chip equities, noting that the current corrective phase may persist.
Decreases in prominent capitalised companies like Guinness Nigeria, Guaranty Trust Holding Company (GTCO), Dangote Sugar Refinery, and Transnational Corporation (Transcorp) drove the unfavourable exit. Market breadth turned strongly in favour of the bears as 50 stocks posted losses against only 18 gains.
The News Chronicle learnt that investor sentiment is being tested by heightened supply pressure in heavyweight counters. While the resilience of some stocks offered pockets of relief, the broader market remains cautious, reflecting concerns about liquidity, policy direction, and overall market stability.
Some winners emerged from the slowdown. Austin Laz & Company increased 10 percent to conclude at N2.64, while Champion Breweries closed at N19.74 after gaining 9.97 percent. With Multiverse Mining & Exploration and Nigerian Enamelware also showing significant increases of 8.82 percent and 8.64 percent respectively, NCR Nigeria rose 9.77 percent.
Conoil and Guinness Nigeria led the losers’ side chart, each falling 9.98% to finish at N211.10 and N140.20, respectively. Following Royal Exchange, which fell 9.92 percent to N2.27, Consolidated Hallmark Holdings dropped 9.94 percent to N4.35. Ellah Lakes also lost 9.81 percent to close at N14.90.
With trade volume down 30.6 percent to 721.82 million units valued at N12.94 billion across 28,745 transactions, market activity decelerated. Champion Breweries led trading with 54.52 million shares worth N988.28 million, next Universal Insurance and Royal Exchange, which recorded substantial trades in the session.
