September 22, (THEWILL) — The Nigerian stock market ended Monday’s trading session slightly lower as investors were cautious and selective in their trades. The All Share Index (ASI) opened at 141,843.35 points and closed at 141,498.22 points, down 0.24%. Market capitalization fell by about ₦219.63 billion, or 0.25%, from ₦89.74 trillion to ₦89.52 trillion.
Market breadth showed more declining stocks than gainers, with 28 stocks falling and 22 rising. Some major stocks, including MTN Nigeria Communications Plc, Dangote Cement Plc, Lafarge Africa Plc, Seplat Energy Plc, and Custodian Investment Plc, remained unchanged.
Top gainers for the day included Royal Exchange, which rose 9.80 percent to close at ₦2.24, followed by NSL Tech with a 6.67% gain to close at ₦0.80. CHAMS advanced 6.13% to ₦3.29, while Prestige and Daarcom gained 5.75 % and 5.66 %, respectively.
Top losers were led by MCIN Holdings, which dropped 10 % to ₦3.30, and Ikeja Hotels, down 9.80 % to ₦20.70. FTN Cocoa, Nigerian Breweries, and Honeywell Flour also recorded losses ranging from 6.79 % to 8.33 %. Analysts noted that the decline in mid- and large-cap stocks outweighed the gains in smaller stocks, pulling the market lower.
The market’s decline was influenced by sector-specific pressures and cautious investor sentiment. The hospitality, consumer goods, and beverages sectors were particularly affected as investors took profits from recent rallies. Several heavyweight stocks remained largely unchanged, reflecting a wait-and-see approach, which also means investors remained cautious as they await upcoming company earnings reports and monitor broader economic trends.
Trading activity showed selective buying, with gains mainly in smaller-cap and technology stocks. This pattern suggests that while some investors are looking for short-term opportunities, there is still caution in the market, especially for major blue-chip stocks.
Overall, the market closed slightly lower as investors balanced selling for profit with selective buying. Experts say that upcoming company earnings, currency changes, and general economic conditions will influence market performance. Mid-sized and consumer-focused stocks remain volatile, so investors are advised to watch them closely.
***Written by Ogochukwu Onwaeze.
