Equities market sheds N2.39tn in July opening session

The Nigerian equities market began July on a downward trajectory, continuing its bearish trend as sustained selling pressure impacted investor sentiment. The All-Share Index saw a notable decline of 3,729.11 points, representing a 1.63% drop, to close at 225,690.07 points.

Market capitalization also suffered, shedding N2.393 trillion to settle at N144.825 trillion. This downturn was primarily attributed to price depreciation in prominent large and medium-capitalized stocks such as Aradel Holdings, Dangote Cement, NASCON Allied Industries, Zenith Bank, and Guaranty Trust Holding Company. The market breadth remained negative, with 28 stocks advancing and 33 declining.

Despite the overall decline, some stocks experienced price appreciation. Austin Laz & Company led the gainers with a 10% increase, followed by Guinea Insurance and Abbey Mortgage Bank. On the flip side, McNichols, Neimeth International Pharmaceuticals, and Aradel Holdings were among the top losers, each shedding 10%. NASCON Allied Industries and International Breweries also saw significant declines.

Trading activity for the session showed a considerable decrease in volume, down 54.7% to 437.60 million units valued at N12.73 billion, executed across 45,068 deals. Sterling Financial Holdings Company dominated the activity chart, with transactions totaling 124.618 million shares worth N980.635 million.