The Nigerian equities market extended its bearish trend on Monday as renewed investor sell-offs pushed key market indicators deeper into negative territory.
The NGX All-Share Index declined by 265.99 points to close at 239,085.17, down from Friday’s benchmark of 239,351.16.
Similarly, total equity market capitalisation fell by N137.12 billion to N154.40 trillion, compared with N154.53 trillion recorded at the end of the previous week.
During the five-day trading period, the benchmark index moved between a weekly high of 241,611.23 points recorded on Tuesday and a low of 239,085.17 points on Monday. The index averaged 240,167.17 points during the week.
Trading activity on the Exchange generated a total turnover of 668.68 million shares across 45,817 deals in the equities market.
Banking stocks came under notable pressure, with the NGX Banking Index declining to 2,458.04 points as both tier-one and tier-two lenders recorded losses.
Fidelity Bank Plc led the decline among major banking stocks, falling 6% to close at N18.80. United Bank for Africa Plc declined by 1.44% to N44.45, while First Holdco Plc dropped 1.58% to N127.90.
Wema Bank Plc also shed 1.19% to close at N28.95.
However, some banking stocks bucked the broader sell-off. Access Holdings Plc gained 1.85% to close at N27.50, while Guaranty Trust Holding Company Plc advanced 0.55% to N127.70.
The insurance sector also recorded significant weakness, with the NGX Insurance Index falling to 1,080.69 points.
International Energy Insurance Plc recorded the largest decline in the sector, plunging 9.82% to N3.49. Guinea Insurance Plc followed with a 5.19% drop to N0.73.
Coronation Insurance Plc and Prestige Assurance Plc declined by 3.85% and 3.47% respectively.
Sunu Assurances Nigeria Plc provided a notable exception in the insurance segment, gaining 3.33% to close at N3.10.
Despite the broader market decline, several individual stocks recorded strong price gains.
Red Star Express Plc topped the gainers’ chart, rising 9.86% to N16.15. University Press Plc followed with a 9.38% increase to N5.25, while UPDC Plc gained 5.97% to close at N3.55.
Haldane McCall Plc and Japaul Gold & Ventures Plc also recorded gains of 3.90% and 2.76%, closing at N4.00 and N2.98 respectively.
On the losers’ chart, Neimeth International Pharmaceuticals Plc declined by 9.38% to close at N7.25.
Activity beyond the main equities market was mixed, with Exchange Traded Funds recording 1,430 trades involving 368,055 units.
Vetiva Industrial ETF and NewGold ETF were among the ETFs that recorded price gains during the session.
