Investors lose N76.56bn as profit-taking drags Nigerian stock market lower
- The stock market on Monday extended its losing streak as investors lost N76.56 billion, with profit-taking dragging the benchmark index lower
- The decline was driven by selling pressure in banking, insurance, consumer goods, and other large-cap stocks following recommendation downgrades by capital market operators
- Access Holdings, FCMB, and First HoldCo were among the most actively traded stocks, while Transpower, SUNU Assurances, and International Breweries ranked among the top losers
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market began the week on a bearish note on Monday, July 27, as investors continued profit-taking, extending the previous session's losses.
Data showed that the market downturn was driven by selling pressure across banking, insurance, consumer goods, and other large-cap stocks, despite buying interest in selected counters.
Source: Getty Images
The market's year-to-date return moderated to 58.88% after investors lost approximately N76.56 billion in market value.
At the close of trading, the NGX All-Share Index (ASI) declined by 0.05% to 247,238.74 points, down from 247,357.40 points in the previous session.
Sector performance
The market recorded broad-based profit-taking across major sectors, particularly banking, insurance, consumer goods, and other large-cap stocks, as investors rebalanced their portfolios following recent gains.
Top losers
- Transpower fell from N244.00 to N219.60, losing N24.40 (-10.00%).
- SUNU Assurances declined from N3.60 to N3.24, shedding N0.36 (-10.00%).
- International Breweries dropped from N13.70 to N12.35, down N1.35 (-9.85%).
- Neimeth International Pharmaceuticals fell from N9.20 to N8.30, losing N0.90 (-9.78%).
- Austin Laz & Company declined from N3.63 to N3.28, down N0.35 (-9.64%).
Top gainers
- CNIF rose from N127.60 to N140.30, gaining N12.70 (+9.95%).
- Thomas Wyatt Nigeria advanced from N3.63 to N3.99, adding N0.36 (+9.92%).
- Lasaco Assurance increased from N1.82 to N2.00, gaining N0.18 (+9.89%).
- Consolidated Hallmark Holdings (CMFC) climbed from N3.16 to N3.45, up N0.29 (+9.18%).
- Chams rose from N4.50 to N4.85, gaining N0.35 (+7.78%).
Source: Getty Images
Most active stocks
- A total of 637.96 million shares valued at N57.20 billion were traded in 71,240 deals.
- Access Holdings led the activity chart with 47.57 million shares worth N1.37 billion.
- FCMB traded 40.33 million shares valued at N478.25 million.
- First HoldCo exchanged 34.20 million shares worth N4.25 billion.
- Champion Breweries recorded 33.15 million shares valued at N372.21 million.
- Zenith Bank traded 25.44 million shares worth N3.23 billion.
Titan, Union Bank becomes one
Earlier, Legit.ng reported that the number of commercial banks operating in Nigeria declined following the completion of the merger between Titan Trust Bank and Union Bank.
Market watchers also anticipate that Providus Bank could eventually acquire Unity Bank, a move that would further shrink the list of licensed commercial banks in the country.
Under the law, the Central Bank of Nigeria (CBN) is responsible for licensing and regulating banks and other financial institutions operating in Nigeria.
Source: Legit.ng
