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NGX sheds ₦1.32 trillion as profit-taking in BUA Cement and PZ Cussons drags the market lower.
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Market breadth weakens with 42 decliners outweighing 19 gainers, signalling broad-based selling pressure.
July 14, (THEWILL) — The Nigerian stock market opened the week on a weaker note on Monday, as investors booked profits in major blue-chip stocks, wiping ₦1.32 trillion off market capitalisation despite gains in selected consumer and industrial counters.
The sell-off, led by BUA Cement and PZ Cussons, reversed part of last week’s rally and pushed the Nigerian Exchange (NGX) into negative territory.
Market capitalisation declined from ₦156.444 trillion at the start of trading to ₦155.129 trillion at the close, while the NGX All-Share Index (ASI) fell by 0.84 percent to 241,749.11 points from 243,798.76 points.
Market breadth closed negative with 19 gainers and 42 decliners, underscoring the broad-based selling pressure across the equities market.
On the price movement table,
Nigerian Infrastructure Debt Fund (NIDF) led the gainers after appreciating 9.97 percent (to close at ₦163.30 from ₦148.50).
International Breweries, which gained 9.77 percent (to ₦14.60 from ₦13.30).
NAHCO advanced 8.36 percent (to ₦177.00 from ₦163.35).
UACN rose 8.11 percent (to ₦199.95 from ₦184.95).
DAAR Communications appreciated 6.67 percent (to ₦1.76 from ₦1.65).
Conversely,
PZ Cussons topped the losers’ chart after shedding 10.00 percent (to close at ₦81.00 from ₦90.00).
BUA Cement followed with a 9.99 percent decline (to ₦306.20 from ₦340.20).
Red Star Express lost 9.98 percent (to settle at ₦22.10 from ₦24.55).
RT Briscoe dropped 9.70 percent (to ₦12.10 from ₦13.40).
C&I Leasing fell 9.38 percent (to close at ₦5.80 from ₦6.40).
Meanwhile, Dangote Cement, Seplat Energy, Custodian Investment Plc, Julius Berger, Guinness Nigeria Plc, Wema Bank Plc and Nestlé Nigeria Plc, among others, closed flat during the session.
The session suggests investors are locking in gains after last week’s strong rally, particularly in stocks that recorded sharp price appreciation. With profit-taking outweighing fresh buying interest, market participants appeared more cautious as they reassessed valuations ahead of new market catalysts.
Analysts expect mixed trading in the coming sessions as bargain hunting competes with continued profit-taking. Investor sentiment is likely to remain driven by corporate earnings expectations, macroeconomic developments and institutional demand for fundamentally strong stocks.
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.
