The Nigerian equities market extended its decline on Monday as the Nigerian Exchange Limited (NGX) All-Share Index fell another 0.25 percent to 247,736.24 points to extend the weakness recorded in the previous trading week.
The benchmark index had closed at 248,363.55 points on Friday, October 9, after declining 0.97 percent over the week.
Monday’s performance represents a further loss of 627.31 points, indicating that selling pressure carried into the beginning of the new trading week.
Equity market capitalisation consequently closed at N160.853 trillion, slipping below the N161 trillion level recorded at the end of last week.
The decline comes after market breadth deteriorated sharply in the preceding week, when 54 equities closed lower compared with only 24 gainers.
Despite the weaker index on Monday, trading activity strengthened significantly.
Investors exchanged 405.39 million shares worth N19.87 billion across 52,977 deals, compared with 322.01 million shares valued at N20.49 billion in 37,758 deals on Friday.
This means trading volume increased by approximately 25.9 percent, while the number of deals jumped 40.3 percent. However, transaction value declined about 3 percent, showing that considerably more shares changed hands without a corresponding increase in the amount of money committed to the market.
Banking stocks remained prominent on the activity chart.
Access Holdings recorded the highest trading volume with 33.28 million shares worth N955.99 million, while Zenith Bank followed with 27.98 million shares valued at N3.63 billion.
Jaiz Bank recorded 27.61 million shares worth N211.39 million, Regency Alliance Insurance posted 27.15 million shares valued at N22.66 million, while FCMB completed the five most actively traded equities with 26.22 million shares worth N288.54 million.
Zenith Bank’s N3.63 billion turnover alone represented approximately 18.3 percent of the total N19.87 billion traded across the market during Monday’s session.
Livestock Feeds Extends Rally
Livestock Feeds continued the strong rally that made it the NGX’s biggest gainer last week.
The stock appreciated another 9.89 percent, rising from N13.15 to N14.45 on Monday.
The advance followed a 47.75 percent gain last week, when Livestock Feeds climbed from N8.90 to N13.15.
Neimeth International Pharmaceuticals also gained 10 percent to close at N7.70, while Guinness Nigeria surged 9.93 percent from N384.80 to N423.
UPDC Real Estate Investment Trust appreciated 10 percent to N26.40.
CMFC, Oando Extend Selling Pressure
On the losing side, SUNU Assurances Nigeria led the equities decliners with a 9.85 percent fall from N3.25 to N2.93.
CMFC dropped another 9.78 percent to N3.23, extending the sharp reversal that saw the stock lose 20.27 percent last week.
Oando declined 7.55 percent from N36.40 to N33.65, extending weakness in a segment of the market that had already come under pressure in the previous week.
LivingTrust Mortgage Bank fell 6.25 percent to N3, while Zichis Agro Allied Industries declined 6.16 percent to N16.
Monday’s performance extends the pullback that emerged across the NGX last week, even as individual stocks such as Livestock Feeds, Guinness Nigeria and Neimeth continued to attract strong buying interest.
With the All-Share Index now at 247,736.24 points, the market has started the new week in negative territory after shedding 0.97 percent in the preceding week, suggesting that the loss of momentum seen earlier in October has carried into another trading session.
