The Nigerian stock market began the week on a downward trend, with investors facing a significant loss of N276 billion in market value. This decline was driven by sell-offs in several equities, including Secure Electronic Technology, May & Baker, Legend Internet, Cutix, and Fortis Global Insurance, among others.
Market capitalisation decreased by 0.21 per cent to N128.693 trillion, down from N128.969 trillion. The All-Share Index also experienced a decline of 428.63 points, or 0.21 per cent, closing at 200,484.43. The year-to-date return eased to 28.84 per cent, while market breadth was negative, with 34 losers against 27 gainers.
Secure Electronic Technology led the losers' table, plummeting 10 per cent to close at N1.17. Other notable decliners included May & Baker, Legend Internet, Cutix, and Fortis Global Insurance. On the other hand, stocks like Austinlaz, Zichis Agro Allied Industries, and Transcorp Power showed significant gains.
Trading activity was mixed, with an increase in value and the number of deals, but a decline in volume. A total of 593.3 million shares valued at N25.6 billion were traded in 60,311 deals.
