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Stock Market Drops Marginally on Losses in NAHCO, 20 Others
Kayode Tokede
The stock market closed yesterday’s session on a negative note, investor’s profit taking in Nigerian Aviation Handling Company (NAHCO) Plc and 20 others caused market indicator to drop by 0.06 per cent.
The Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 0.06 per cent to close at 252,313.16 basis points, while the Month-to-Date and Year-to-Date returns settled at -0.8per cent and +62.1per cent, respectively.
Consequently, the market capitalisation decreased by N93 billion to close at N163.82 trillion.
Sectoral performance was mixed, as the Banking (-0.7per cent) index declined, while the Insurance (+1.3per cent), Consumer Goods (+0.2per cent) and Oil & Gas (+0.1per cent) indices advanced. The Industrial Goods index closed flat.
Despite the bearish close, market sentiment closed positive, with 32 advancers outnumbering 21 decliners. Champion Breweries led the gainers’ chart, by 10.00 per cent to close at N9.35, per share. Honeywell Flour Mill followed with a 9.90 per cent gain to close at N32.20, while Critical Minerals Financing Corporation (CMFC) appreciated by 8.75 per cent to close at N3.23, per share.
Sovereign Trust Insurance rose by 8.41 per cent to close at N2.32 and University Press gained 8.33 per cent to close at N4.55, per share.
On the losers’ side, NAHCO led the decline, falling by 9.99 per cent to N136.10, per share. Red Star Express followed with a decline of 9.85 per cent to close at N12.35, while LivingTrust Mortgage Bank fell by 9.79 per cent to close at N2.58, per share.
Abbey Bank declined by 5.22 per cent to close at N6.35 and Caverton Offshore Support Group lost 4.29 per cent to close at N3.35, per share.
The total volume traded advanced by 20.3 per cent to 545.30 million units, valued at N30.39 billion, and exchanged in 31,543 deals. Transactions in the shares of Neimeth International Pharmaceuticals topped the activity chart with 79.864 million shares valued at N481.606 million. First Holdco followed with 57.763 million shares worth N6.311 billion, while MeCure Industries traded 46.517 million shares valued at N3.777 billion.
United Bank for Africa (UBA) traded 38.332 million shares valued at N1.609 billion, while Access Holdings sold 23.541 million shares worth N752.669 million.
Market analysts attributed the dip to investors locking in gains after Monday’s strong rebound, rather than any fundamental shift in sentiment.
Looking ahead, Cowry Assets Management Limited said improving market breadth and gains across several sectors could support a near-term rebound, although persistent selling pressure in heavyweight banking stocks and subdued trading activity may constrain broader market recovery.
