Stock market sheds N276bn as sell pressure hits equities

The Nigerian stock market opened the week on a negative note, with investors losing N276 billion amid widespread sell pressure across key equities.

Market capitalisation declined by 0.21 per cent to N128.693 trillion from N128.969 trillion recorded in the previous session, while the All-Share Index dropped by 428.63 points to close at 200,484.43.

Losses in stocks such as Secure Electronic Technology Plc, May & Baker Nigeria Plc, Legend Internet Plc, Cutix Plc and Fortis Global Insurance Plc dragged the market lower, alongside declines in several other equities.

Secure Electronic Technology led the losers’ chart with a 10 per cent drop to N1.17, while May & Baker fell by 9.42 per cent to close at N38 per share. Legend Internet declined by 8.67 per cent, Cutix shed 8.29 per cent, and Fortis Global Insurance dipped by 7.97 per cent.

Despite the bearish trend, some stocks recorded gains, with Austinlaz & Company Plc topping the gainers’ table after a 9.98 per cent rise to N4.41. Zichis Agro Allied Industries Plc advanced by 9.93 per cent, while Transcorp Power Plc gained 9.65 per cent.

Others on the gainers’ list included The Initiates Plc and Learn Africa Plc, which rose by 9.60 per cent and 9.41 per cent respectively.

Trading activity was mixed, with a total of 593.3 million shares valued at N25.6 billion exchanged in 60,311 deals, compared to 595.2 million shares worth N24.5 billion traded in 43,440 deals in the previous session.

Access Corporation Plc recorded the highest volume of traded shares, while First HoldCo Plc led the value chart with transactions worth N4.26 billion.