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The Nigerian stock market began the week on a cautious note as sustained profit-taking in large-cap stocks pushed the benchmark index lower, extending the previous session’s losses and trimming investors’ gains.
Trading data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) slipped 0.05 percent on Monday, July 27, closing at 247,238.74 points, down from 247,357.40 points recorded in the previous trading session. The decline also reduced the market’s year-to-date return to 58.88 percent.
Market Capitalisation Drops by ₦76.6 Billion
The market downturn wiped approximately ₦76.56 billion from investors’ portfolios, with total market capitalisation falling from ₦159.59 trillion to ₦159.51 trillion.
Analysts attributed the decline to continued profit-booking by investors who moved to lock in gains after the market’s strong rally in recent weeks. Selling pressure was particularly noticeable across banking, insurance, consumer goods and other heavyweight counters, although selective buying interest remained visible in some stocks.
Large-Cap Stocks Weigh on Market Performance
The day’s losses were largely driven by declines in several highly capitalised equities.
Transcorp Power emerged as the session’s biggest loser after shedding the maximum 10 percent to close at ₦219.60, while Fidson Healthcare declined 9 percent to ₦91.00. NEM Insurance lost 8.52 percent to settle at ₦29.00, and Access Holdings dropped 7.53 percent to ₦27.00.
Other notable decliners included Oando, which fell 4.25 percent to ₦38.30, BUA Cement, down 2.47 percent to ₦316.00, NAHCO, which lost 2.12 percent to ₦166.40, Computer Warehouse Group (CWG), down 1.68 percent to ₦20.45, Cadbury Nigeria, which eased 1.11 percent to ₦66.75, and Nigerian Breweries, which slipped 0.90 percent to ₦77.30.
CNIF Leads Gainers Despite Broad Market Weakness
Despite the overall bearish sentiment, some equities bucked the trend.
Chapel Hill Denham Nigeria Infrastructure Fund (CNIF) topped the gainers’ chart during the session, highlighting continued investor interest in selected counters even as broader market sentiment remained subdued.
Meanwhile, both Sunu Assurances and Transcorp Power traded below their respective 52-week lows, reflecting sustained selling pressure on the two stocks.
Investors Eye Earnings Season
Market analysts believe the recent wave of profit-taking reflects a healthy correction following months of strong gains on the NGX. Investors are expected to remain selective in the coming sessions as attention shifts to the release of second-quarter and half-year corporate earnings, which could provide fresh direction for the market.
While short-term volatility may persist, the continued presence of bargain hunters in selected stocks suggests confidence in the long-term fundamentals of the Nigerian equities market remains intact.
