By Taiye Olayemi
International Energy Insurance, Neimeth International Pharmaceuticals and Fidelity Bank led the decline in Nigerian equities on Monday as profit-taking pressure pushed the market capitalisation down by N137 billion.
The market capitalisation fell from N154.533 trillion at the previous close to N154.396 trillion, while the All-Share Index declined by 265.99 points, or 0.11 per cent, to 239,085.17.
The latest decline extended the market’s bearish run and reduced its year-to-date return to 53.64 per cent.
International Energy Insurance recorded the steepest decline among the stocks listed, shedding 9.82 per cent to close at N3.49 per share.
Neimeth International Pharmaceuticals followed closely, falling 9.38 per cent to N7.25, while Fidelity Bank lost 6 per cent, closing at N18.80 per share.
Other major decliners included Guinea Insurance, which fell 5.19 per cent to 73 kobo, and NPF Microfinance Bank, which declined 4.82 per cent to N3.95.
The selling pressure was broad, with 32 stocks recording losses, compared with only 18 gainers at the close of trading.
Despite the bearish performance, some stocks bucked the trend. Red Star Express emerged as the strongest gainer, rising 9.86 per cent to N16.15. University Press gained 9.38 per cent to close at N5.25, while UPDC Real Estate Investment Trust advanced 5.97 per cent to N3.55.
Haldane McCall rose 3.90 per cent to N4, while Sunu Assurances gained 3.33 per cent to N3.10.
Trading activity increased in terms of volume and number of transactions, although the total value of deals declined.
Investors traded 668.72 million shares valued at N23.83 billion in 45,894 transactions, compared with 416.67 million shares worth N35.63 billion exchanged in 36,324 deals on Friday.
Fortis Global Insurance dominated trading by volume, accounting for 206.72 million shares, representing 30.91 per cent of the day’s total volume.
First Holdco recorded the highest value of transactions, with deals worth N7.90 billion, equivalent to 33.15 per cent of the total market value traded.
The session reflected continued profit-taking across key sectors, particularly banking and insurance, as investors locked in gains despite the equities market maintaining a strong year-to-date performance.
