The Nigerian equities market opened the week on a bearish note on Monday, as gains in GTCO Plc, Access Holdings Plc, and 14 other stocks were insufficient to counter losses across various sectors, particularly the financial services sector.
The Nigerian Exchange (NGX) All-Share Index (ASI), the benchmark measure of traded equities, fell to 143,614.61 points from 143,722.62 points recorded on Friday, reflecting a 0.08% decline. Market capitalisation dropped by N68.69 billion, closing at N91.35 trillion.
The decline extends the market’s recent sluggish performance, bringing the year-to-date return to +39.53% from 39.64% at the end of the previous week. Analysts note that investors are holding back as they await clarity on uncertainties surrounding Capital Gains Tax (CGT) and the future direction of monetary policy rates.
The downturn highlights caution among market participants despite pockets of gains, with the financial services sector leading the losses amid broader market volatility.
