The Nigerian stock market halted its bullish rally on Monday after 14 consecutive sessions of gains, resulting in a loss of N1.365 trillion.

The downturn was driven by profit-taking in stocks such as FirstHoldCo, Trans-Nationwide Express, United Bank for Africa, Access Corporation, Fidelity Bank, and 35 others.

Market capitalisation fell by 0.94 per cent, or N1.365 trillion, to close at N143.969 trillion, down from N145.334 trillion, with the All-Share Index dropping from 225,722.49 to 223,602.29, a decline of 2,120.20 points or 0.94 per cent.

Consequently, the year-to-date return stood at 43.69 per cent, while the market breadth closed negatively with 40 decliners and 36 advancers. On the losers’ chart, Firstholdco, United Bank for Africa and Trans-Nationwide Express led by 10 per cent each, closing at N67.50, N49.50 and N7.11 per share respectively. Access Corporation dipped by 9.90 per cent, settling at N28.20, and Fidelity Bank dropped by 9.87 per cent, finishing at N20.10 per share.

Abbey Mortgage Bank led the gainers’ chart by 9.26 per cent, ending the session at N5.90. Zichis Agro Allied Industries trailed by 8.91 per cent, finishing at N16.99, and Wema Bank gained by 8.80 per cent, settling at N34 per share. NPF Micro-finance Bank soared by 8.19 per cent, closing at N5.68, while WAPIC increased by 7.26 per cent, ending the session at N2.66 per share.

Market activity closed higher for the day, as total traded volume rose by 8.06 per cent to 678.17 million shares, valued at N44.14 billion across 83,838 deals.
Zenith Bank led the activity chart, recording the highest volume and value with 76.07 million shares worth N9.53 billion.

This represented 11.22 per cent and 21.60 per cent of the day’s total volume and value, respectively.

Aruna Kebira, managing director of Globalview Capital Ltd., said the market sentiment was influenced by United Bank for Africa’s latest financial results, which did not include a dividend payout. He explained that prior to the release, there had been strong expectations among some investors, including assumptions about a significant increase in the bank’s share units.

Mr Kebira said, however, the absence of a dividend came as a surprise and shaped investor reactions. He noted that other major banking stocks, such as Access Corporation, Fidelity Bank and Stanbic IBTC, were also expected to release their results, with the market anticipating outcomes similar to UBA’s. According to him, developments in one stock often trigger broader market reactions.

(NAN)