The Nigerian stock market recorded a negligible decline during the Easter festive period as the Nigerian Exchange Limited All Share Index (NGX ASI) dropped by 4.66 basis points, or 0.002 per cent, to close at 201,698.89 basis points. Market capitalisation fell by N3 billion to settle at N129.806 trillion. Despite the dip, market breadth remained positive with 33 stocks gaining against 24 losing. Unilever Nigeria led the gainers, rising 10 per cent to N103.40 per share, followed by Fortis Global Insurance at 9.82 per cent to N1.23 and Multiverse Mining & Exploration at 9.81 per cent to N20.15. Legend Internet and Zichis Agro Allied Industries rose 9.38 per cent and 9.02 per cent, closing at N6.30 and N14.14 respectively.
On the downside, John Holt fell 9.91 per cent to N15.45 per share, Abbey Mortgage Bank declined 9.60 per cent to N8.95, and International Energy Insurance dropped 6.48 per cent to N3.32. Chams Holding Company and Tantalizer lost 5.30 per cent and 5.18 per cent, closing at N3.75 and N4.03 respectively. Total traded volume dropped 31.33 per cent to 559.977 million units valued at N19.263 billion across 49,676 deals. Secure Electronic Technology led activity with 59.692 million shares traded for N61.129 million. Wema Bank, VFD Group, Access Holdings, and Chams Holding Company also featured prominently. Cowry Assets Management Limited said investors may return with renewed appetite when trading resumes on Tuesday.
A 0.002 per cent dip in the NGX ASI barely registers as movement, yet it occurred during a holiday period when activity was expectedly thin. Cowry Assets Management Limited's projection of renewed investor appetite by Tuesday sounds optimistic, but with no major economic shifts or policy announcements, the market is likely to drift without direction. This minor fluctuation underscores how sentiment, not fundamentals, is driving trades. For Nigerian investors, stability remains elusive without concrete economic catalysts.
