Nigerian stocks fall N81bn as market starts week in bearish territory
Nigerian stock market opened Monday in bearish territory, with investors recording N81 billion losses as market capitalization declined 0.05% from N160.443 trillion to N160.362 trillion. The All-Share Index dropped 126.09 points to 250,204.83, reducing year-to-date return to 60.79%.
Market breadth closed negative with 36 losers outweighing 33 gainers. NCR Nigeria and Zichis Agro-Allied Industries led the decline, both dropping 9.99% to N161.20 and N26.49 respectively. Industrial and Medical Gases, Sovereign Trust Insurance, and Daar Communications also fell by 9.93%, 9.86%, and 9.78% respectively.
On the upside, Oando and University Press gained 10% each, while Deap Capital Management, May and Baker, and Trans-Nationwide Express rose between 9.92-9.96%. Market activity declined significantly, with total volume dropping 26.16% to 800.46 million shares valued at N37.05 billion. UBA led trading with 64.97 million shares, while Aradel Holdings dominated trade value at N6.15 billion.
With the market showing bearish momentum after recent rallies, should investors take profit on blue-chip stocks, increase exposure to the outperforming sectors, or wait for clearer market direction before adjusting portfolios?