November 24, (THEWILL) — The Nigerian equities market extended its bearish performance today as sustained cautious sentiment pushed key indicators into the red. The All-Share Index (ASI) dipped from 143,722.62 to 143,614.61, while the market capitalisation declined from about N91.41 trillion to approximately N91.35 trillion, reflecting a mild erosion in market value.
Overall market breadth remained negative, with 17 gainers against 27 losers, indicating weak buying momentum across sectors.
Top Gainers
- E-Tranzact – 9.06 percent (N13.25 → N14.45).
- INTENEGINS – 8.45 percent (N2.12 → N2.30).
- McNichols – 7.00 percent (N2.57 → N2.75).
- C&I Leasing – 5.47 percent (N5.30 → N5.59).
- UPDC – 5.26 percent (N5.70 → N6.00).
Top Losers
- FG152028S1 – -69.39 percent (N98.00 → N30.00).
- NPF Microfinance Bank – -7.85 percent (N2.93 → N2.70).
- Prestige Assurance – -7.48 percent (N1.47 → N1.36).
- Sterling Financial Holdings – -6.94 percent (N7.20 → N6.70).
- Wapic Insurance – -6.18 percent (N2.59 → N2.43).
Dangote Cement, Custodian Investment, Seplat Energy, Lafarge Africa, and MTN Nigeria Communications closed flat.
Market activity reflected lingering cautious sentiment, with investors reacting to broader macroeconomic pressures, tight liquidity conditions, and continued preference for fixed-income instruments offering higher yields.
The sharp decline in the FG152028S1 bond instrument weighed significantly on overall market performance, while weak demand in key banking and insurance tickers contributed to the bearish close.
Investors maintained a conservative stance ahead of upcoming policy signals, resulting in subdued buying interest and moderate sell pressure across mid- and small-cap counters.
With current sentiment still tilted toward caution, the market may record another mixed to bearish session unless fresh positive triggers emerge. However, bargain hunting in recently beaten-down stocks could provide mild support.
Investors will be watching for macroeconomic updates and liquidity movements that may influence risk appetite in the days ahead.
Ogochukwu Onwaeze
