Stock Market Drops by 0.09% to Sustain Negstive Trend

The Nigerian stock market experienced a slight decline on Monday, with the All-Share Index (ASI) falling by 0.09% to maintain a negative trend. The NGX ASI closed at 247,513.63 basis points, a drop of 222.61 points, or 0.09%, from its opening value of 247,736.24 points. This marks a significant year-to-date loss of 59.06%. The market capitalization also experienced a minor decrease of 0.09%, closing at N160.708 trillion, down from N160.852 trillion.

Despite the overall downward momentum, the market breadth showed a positive outcome with 24 stocks gaining and 21 stocks losing. Among the gainers, Etranzact led the pack with a 9.96% increase, closing at N14.35. WAPIC trailed with a 7.83% decline, ending at N2.48, while Daar Communications contributed a 7.25% gain to close at N1.48 per share. Livestock Feeds and Chams also performed well, gaining 6.92% and 5.88% respectively, to close at N15.45 and N3.60 per share.

On the losing side, Legend Internet led with a 6.85% decrease, settling at N3.40 per share. Omatek Ventures and Secure Electronic Technology also suffered, with declines of 6.43% and 5.71% respectively, closing at N1.31 and 66k per share. Mutual Benefits Assurance and AIICO Insurance rounded out the losers' table with declines of 5.49% and 4.39%, ending at N3.10 and N3.92 per share respectively.

The overall market activity saw a decline in trading volume, falling by 2.76% to 394.20 million shares, valued at N21.38 billion in 38,707 deals. Access Corporation led the trading volume, accounting for 14.46% of the total with 57.02 million shares traded. GTCO recorded the highest trading value, reaching N3.13 billion, representing 14.63% of the day's total value.