November 11, (THEWILL) — The Nigerian equities market ended Tuesday on a bearish note as both market capitalisation and the All Share Index (ASI) recorded significant declines.
The market capitalisation opened at N94.526 trillion but fell to N89.884 trillion by the close of trading. The ASI also slipped from 148,781.90 points to 141,327.30 points, reflecting widespread selling pressure.
Investor sentiment was notably cautious, with traders hesitant amid profit-taking and concerns over broader market conditions. Market breadth confirmed the bearish mood, with only four gainers against 61 losers.
Gainers:
NCR gained 9.82 percent, (rising from N19.35 to N21.25).
BERGER inched up 2.56 percent, (moving from N35.10 to N36.00).
FCMB rose slightly by 0.96 percent, (from N10.40 to N10.50).
MANSARD edged up 0.25 percent, (closing at N12.10 from N12.07).
Top Losers:
ACADEMY retreated sharply by 10.00 percent, (from N7.50 to N6.75).
CUSTODIAN fell 10.00 percent, (closing at N34.20 from N38.00).
DANGCEM dropped 10.00 percent, (from N660.00 to N594.00).
DEAPCAP eased 10.00 percent, (sliding to N1.71 from N1.90).
OANDO declined 10.00 percent, (falling from N40.00 to N36.00).
Unchanged Stocks:
SEPLAT Energy Plc
John Holt Plc
Julius Berger
Champion Breweries
Golden Guinea Brewery
Market Outlook:
The sharp declines indicate a cautious and risk-averse investor sentiment, with market participants retreating from key stocks amid profit-taking. While a few counters recorded modest gains, the dominance of losers highlights prevailing uncertainty. Analysts suggest that the market will likely continue to respond to upcoming corporate earnings and macroeconomic indicators, which could set the tone for a potential recovery or further declines.
Ogochukwu Onwaeze
