The local stock market on Monday began the trading week on a bearish note, as the All-Share Index of the Nigerian Exchange Limited (NGX) declined by 1.23 per cent to 104,216.87 basis points.
Market capitalisation also dropped by 1.00 percent to N65.49 trillion, following the listing of an additional 5,982,548,799 ordinary shares of 50 kobo each at N25.00 per share for First HoldCo Plc on the Daily Official List of the NGX.
This listing contributed to a N458 billion loss in equities by the close of the session.
Consequently, the month-to-date and year-to-date returns settled lower at -1.4 percent and +1.3 per cent, respectively.
The overall market downturn weighed on investor sentiment, resulting in weak market breadth as only none stocks advanced while 51 declined.
Top gainers included VFD Group, Total Energies, Guinea Insurance, International Energy Insurance and Abbey Mortgage Bank as their respective share prices appreciated by 10 per cent, 9.61 percent, 9.52 percent, 9.33 per cent and 8.88 percent, respectively.
On the flip side, Oando, Secure Electric Technology, Cornerstone Insurance, RTBriscoe and Honeywell flour Mills led the decliners, having depreciated in share value by 10.0 per cent, 10.0 per cent, 10.0 per cent, 10.0 per cent and 9.98 per cent, respectively.
Sectoral performance was broadly negative, with losses recorded across the board: Banking, Insurance, Consumer Goods, Oil & Gas, Industrial Goods and Commodities, all recorded decline in value by 5.48 per cent, 7.56 per cent, 0.79 per cent, 0.65 per cent, 0.01 per cent and 0.10 percent, respectively.
Despite the downturn, trading activity was strong.
The number of deals, transaction volume, and total value rose by 37.10 per cent, 27.51 per cent, and 37.48 per cent, respectively, with 15,690 trades executed, totaling N11.15 billion in value and 444.11 million units exchanged.
First City Monument Bank (FCMB) Group was the most traded stock by volume at 65.50 million units, while Guaranty Trust Holding Company was the most traded stock by value at N2.33 billion.
