(DDM) – The Nigerian equities market opened the week on a disappointing note as investors collectively lost an estimated ₦197 billion following a sharp downturn that wiped out gains from the previous trading session.
Diaspora Digital Media DDM gathered that the sudden reversal unsettled traders across major counters, triggering widespread sell pressure that dragged the market into negative territory.
The market capitalisation declined from ₦91.286 trillion to ₦91.089 trillion, representing a 0.22 per cent loss.
The All-Share Index also slipped by 310.20 points to close at 143,210.33, down from Friday’s figure of 143,520.53.
Market watchers noted that the downturn moderated the year-to-date return to 39.14 per cent.
They explained that market breadth weakened considerably as 26 stocks recorded losses while only 20 managed to post gains.
International Breweries topped the losers’ chart after plunging by 10 per cent to ₦10.35 per share.
RT Briscoe followed closely with a 9.88 per cent decline to ₦3.10.
Cornerstone Insurance dropped by 7.83 per cent to ₦5.53 in a session marked by persistent sell sentiment.
Daar Communications shed 6.52 per cent to settle at 86 kobo per share.
Regency Alliance Insurance also slipped by 4.81 per cent to close at 99 kobo as weak investor confidence weighed on insurance-sector counters.
On the gainers’ table, NCR Nigeria emerged strongest, appreciating by 9.97 per cent to ₦60.10.
Sunu Assurances rose by 9.18 per cent to ₦4.28 in a rare show of resilience.
Champion Breweries advanced by 8.11 per cent to ₦14.00, signaling renewed interest from bargain hunters.
Mecure gained 7.58 per cent to finish at ₦29.80 per share during the day’s trading.
Guinea Insurance climbed by 7.27 per cent to close at ₦1.18 as investors shifted attention to select low-priced stocks.
Background reports show that the Nigerian equities market has experienced alternating periods of strength and volatility throughout 2024.
Analysts attribute this instability to fluctuating macroeconomic indicators, rising inflation, high interest rates and geopolitical uncertainties that continue to influence investment behaviour.
They also note that profit-taking has become more frequent in recent sessions as investors react to mixed corporate earnings and regulatory developments.
Market activity on Monday reflected this uncertainty, with deal volume rising while both the value and volume of traded shares declined compared to the previous session.
A total of 1.47 billion shares worth ₦18.7 billion were exchanged across 28,956 deals, reflecting a slowdown in overall turnover.
Wema Bank led the trading charts with 113.25 million shares valued at ₦2.07 billion, confirming its status as one of the market’s most actively traded equities.
Analysts say the market may remain volatile unless stronger economic indicators or positive policy pronouncements restore confidence among local and foreign investors.