June 1 (THEWILL) — The Nigerian equities market reversed previous gains on Monday as renewed profit-taking in large-cap stocks, particularly BUA Cement, dragged key performance indicators lower.
Market capitalisation declined by ₦1.811 trillion to close at ₦158.697 trillion from ₦160.508 trillion at the start of trading, while the NGX All-Share Index (ASI) shed 2,824.81 points to settle at 247,560.66 from 250,385.47.
Despite the negative close, market breadth remained relatively mixed, with 24 stocks advancing against 37 decliners, reflecting selective buying interest across some mid- and small-cap counters.
On the gainers’ chart:
• INTENEGINS appreciated by 9.96 percent, (rising from ₦4.52 to ₦4.97).
• CONHALLPLC gained 9.92 percent, (advancing from ₦6.25 to ₦6.87).
• TIP rose by 9.86 percent (from ₦28.40 to ₦31.20).
• RTBRISCOE added 9.16 percent, (climbing from ₦13.65 to ₦14.90).
• IKEJAHOTEL appreciated by 8.71 percent, (increasing from ₦40.20 to ₦43.70).
On the losers’ chart:
• BUACEMENT declined by 10.00 per cent, (falling from ₦420.00 to ₦378.00).
• TRANSEXPR shed 9.85 percent, (dropping from ₦5.28 to ₦4.76).
• JOHNHOLT lost 9.73 percent, (closing at ₦15.30 from ₦16.95).
• REDSTAREX fell by 9.71 percent, (retreating from ₦34.00 to ₦30.70).
• DEAPCAP slipped 9.15 percent (from ₦5.68 to ₦5.16).
Meanwhile, several heavyweight counters including Dangote Cement, Julius Berger, Champion Breweries, BUA Foods, Cadbury Nigeria, and Nestlé Nigeria closed unchanged.
Investor sentiment turned bearish during the session as profit-taking in major industrial stocks outweighed gains recorded in select insurance, hospitality, and services counters.
The sharp decline in BUA Cement exerted significant pressure on the broader market, accounting for a substantial portion of the day’s loss in market value.
For the next trading session, market direction is likely to be influenced by bargain-hunting activities in fundamentally strong stocks.
However, sentiment may remain cautious as investors continue to reassess valuations following recent market volatility and sector-specific price corrections.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
