The Nigerian Alternate (NGX) started the week on a bearish observe because the All-Share Index (ASI) declined by 0.25% to shut at 153,739.11 factors, wiping out about N244.9 billion in market worth.
The downturn was pushed by selloffs in medium and large-cap stocks throughout the banking, oil & gasoline, and shopper items sectors.
Market capitalization fell from N97.8 trillion to N97.5 trillion, reflecting renewed investor warning after a powerful rally in October.
Though some merchants initially linked the pullback to heightened geopolitical noise, together with a viral put up by U.S President Donald Trump threatening to “ship troops” to Nigeria over alleged spiritual killings, market analysts mentioned that the decline was largely attributable to routine profit-taking after weeks of robust good points.
A media report from one of many in style international enterprise media web sites had advised Naira property have “tumbled” over the threat from Trump. Nevertheless, Nairametrics analysis suggests this was not the case.
Regardless of losses information, most had been modest and didn’t present any signal of a sell-off as might have been construed.
October had ended as one of many best-performing months this yr, with stocks rising 8%, second solely to July’s efficiency. The market had snapped a shedding streak final Friday however did not maintain the momentum as earnings outcomes triggered contemporary promote strain.
In the meantime, the alternate charge between the naira and the U.S. greenback weakened barely to N1,438/$1 on the official market on Monday, in comparison with N1,422.2/$1 final Friday.
Regardless of the gentle pullback, the naira stays on a exceptional run, having recorded its greatest month-to-month efficiency in over 18 months in October.
Monday’s shut nonetheless ranks because the second-best day since Might 2024, underscoring a interval of renewed FX stability.
Market breadth remained unfavorable with 24 gainers and 39 losers.
Union Dicon Salt Plc (+9.93%) topped the gainers’ chart, adopted by Omatek Ventures Plc (+9.92%). On the flip facet, Honeywell Flour Mills Plc (-10.00%) and Northern Nigeria Flour Mills Plc (-9.98%) led the laggards.
Buying and selling exercise was upbeat, as whole quantity rose by 18% to 627 million models, valued at N25.1 billion. UBA Plc dominated each quantity and worth charts, exchanging 136 million shares value N5.53 billion.
Regardless of the pullback, analysts say the market stays in a broadly optimistic development, supported by robust company earnings and enhancing investor sentiment.