The Nigerian equities market kicked off the week in decline, with investors recording a loss of N448 billion on Monday, October 28, 2024, as trading activity at the Nigerian Exchange Group (NGX) closed in the red.
The market downturn was primarily attributed to a dip in the share prices of major stocks such as BUACEMENT, LASACO, and DAARCOMM. Following five hours of trading, the equity market capitalization decreased to N59.812 trillion, down from N60.260 trillion at the previous Friday’s close.
The All-Share Index (ASI), which serves as a benchmark for market performance, fell from 99,448.91 to 98,708.90, reflecting the overall market decline.
Market breadth remained negative, with 17 stocks advancing, 28 declining, and 73 remaining unchanged across 9,417 deals. Leading the gainers were EUNISELL, LIVESTOCK, and TRANSCORP, which saw share price increases of 10%, 9.97%, and 9.95%, closing at N3.85, N3.75, and N48.60 respectively.
Meanwhile, BUACEMENT, LASACO, and DAARCOMM led the decliners, experiencing losses of 10%, 9.79%, and 9.38% to close at N99.00, N2.58, and N0.58, respectively.
In terms of trading volume, CHAMS led the market with 84 million shares exchanged in 72 transactions, followed by UBA with 27 million shares traded in 738 deals. ACCESSCORP also saw active trading with 22 million shares across 559 deals.
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On the value index, UBA topped the list with securities worth N790 million traded in 738 deals, followed by TRANSCORP with equities worth N507 million in 465 deals, and ACCESSCORP with shares valued at N503 million across 559 deals.
The negative start to the week has investors closely watching market trends and awaiting potential recovery in the days ahead.
