Opening the week, bearish sentiment persisted at the Nigerian Exchange Ltd. (NGX) as the market capitalisation shed 318 billion or 0.54 per cent from N59.039 trillion to close at N58.721 trillion.

The All-Share Index lost 0.54 per cent or 524.3 points, to close at 96,907.73, against 97,432.02 recorded on Friday.

Consequently, the Year-To-Date (YTD) return decreased to 29.60 per cent.

Selloffs in MTN Nigeria, Aradel, Oando, alongside Guaranty Trust Holding Company, FBN Holdings, Zenith Bank, among others, drove the market’s performance down.

Market breadth closed negative with 30 losers and 17 gainers on the floor of the exchange.

On the losers’ table, Caverton led by 10 per cent to close at N1.80, Aradel trailed closely by 9.99 per cent to close at N401.10 per share.

Oando Plc lost 9.98 per cent to close at N80.70, FTN Cocoa declined by 9.90 per cent to close at N1.74, while Veritas Kapital dropped 9.86 per cent to close at N1.28 per share.

Conversely, JohnHolt and United Bank For Africa (UBA) led the gainers’ table by 10 per cent each to close at N3.63 and N31.90 per share, respectively.

Eunisell gained 9.96 per cent to close at N6.18, Sterling Nigeria added 5.96 per cent to N4.98, and PZ advanced by 4.55 per cent to close at N23 per share.

Analysis of the market activities showed trade turnover settled lower, relative to the previous session, with the value of transactions down by 10.15 per cent.

A total of 1.22 billion shares, valued at N14.23 billion, were exchanged in 10,386 deals, compared with 888.80 million shares, valued at N15.84 billion, traded in 8,803 deals posted in the previous week.

UBA led the activity chart in volume and value with 240.76 million shares traded in deals worth N7.29 billion.

Meanwhile, in its weekly financial market review, outlook and recommendations, Analysts at Cowry Asset Management Ltd., said the decline in the market underscored continuous caution among investors.

The analysts said many investors were taking a risk-off stance, amidst fluctuating economic indicators, uncertain earnings outlooks, and ongoing corporate actions.

They noted that persistent liquidity concerns and inflationary pressures had dampened investors’ enthusiasm, with many awaiting clearer signals on monetary policy and potential fiscal measures before making fresh commitments.

Looking into the week, the analysts predicted that the market was likely to remain volatile in the near term considering the cautious sentiments of investors. 

They said: “However, positive developments, such as improved corporate earnings or stabilising macroeconomic conditions, could help bolster investors’ confidence and drive recovery.

(NAN)