Stock Market Declines As 14 Firms Record Losses

The stock market closed on a negative note on Monday as 14 companies saw their share prices decline at the end of trading on the Nigerian Exchange Limited.

The NGX All-Share Index fell by 0.44 per cent to 39,306.47 basis points while the market capitalisation dropped to N20.49tn from N20.58tn on Friday.

A total of 357.69 million shares valued at N3.56bn in 4,394 deals were traded on the floor of the NGX on Monday.

Nigerian Enamelware Plc, which led the losers’ table, saw its share price drop by 9.8 per cent to N17.95.

Other top losers were Africa Prudential Plc, NPF Microfinance Bank, Wema Bank Plc, and AXA Mansard Insurance Plc.

Twenty-five stocks appreciated on Monday, led by 16.29 per cent FGN MAR 2027 and 12.40 per cent FGN MAR 2036. Other top gainers were Eterna Plc, Royal Exchange Plc and Capital Hotel Plc.

Analysts at Cordros Capital Limited noted that trading in the local bourse opened the week on a bearish note, saying investors’ sell-offs of MTN Nigeria (-1.1 per cent) and BUA Cement (-1.2 per cent) drove the performance.

They said, “Consequently, the month-to-date and year-to-date losses increased to -1.3 per cent and -2.4 per cent respectively.

“Performance across sectors was broadly negative, following losses in the industrial goods (-0.7 per cent), banking (-0.6 per cent), insurance (-0.3 per cent) and consumer goods (-0.1 per cent) indices. The oil and gas (+0.2.1 per cent) index was the lone gainer of the day.”