First Holdco Rally Fails to Sustain Broad Market Momentum as NGX Slips by ₦32bn

• Nigerian equities shed ₦32 billion as profit-taking in BUA Cement and Eunisell outweighed strong gains in banking stocks.

• First Holdco jumped 9.96 per cent to lead the gainers’ chart for another session, while UBA, Jaiz Bank, and McNichols extended buying momentum

• Market breadth remained positive at 27 gainers to 22 losers, signalling continued selective accumulation.

July 16, () — Nigeria’s stock market closed marginally lower on Thursday as profit-taking in heavyweight stocks, particularly BUA Cement and Eunisell Interlinked, erased gains recorded in banking counters, leaving investors with a slight decline in market capitalisation.

The Nigerian Exchange (NGX) shed ₦32 billion as market capitalisation declined from ₦156.239 trillion at the opening of trading to ₦156.207 trillion at the close.

Similarly, the All-Share Index (ASI) eased from 242,366.75 basis points to 242,145.61 basis points.

Despite the negative close, market breadth remained positive, with 27 stocks appreciating compared with 22 decliners, reflecting continued selective buying across the market.

Investor appetite remained strongest in the banking sector, where First Holdco extended its impressive rally, while UBA and Jaiz Bank also attracted sustained demand.

Top Gainers

1. FIRSTHOLDCO gained 9.96 percent (rising from ₦79.35 to ₦87.25).
2. MCNICHOLS appreciated by 8.00 percent (advancing from ₦5.00 to ₦5.40).
3. UBA climbed 7.93 percent (moving from ₦41.00 to ₦44.25).
4. VERITASKAP rose 6.85 percent (increasing from ₦1.46 to ₦1.56).
5. JAIZBANK gained 4.07 percent (improving from ₦8.60 to ₦8.95).

   

Top Decliners

1. EUNISELL declined by 10.00 percent (falling from ₦210.00 to ₦189.00).
2. BUACEMENT lost 9.99 percent (dropping from ₦306.20 to ₦275.60).
3. CAP shed 9.61 percent (declining from ₦157.60 to ₦142.45).
4. ROYALEX fell 9.55 percent (slipping from ₦1.57 to ₦1.42).
5. GUINEANS depreciated by 5.38 percent (closing lower from ₦0.93 to ₦0.88).

Meanwhile, Dangote Cement Plc, Seplat Energy, Presco Plc, Custodian Investment Plc, and Julius Berger Nigeria Plc, among other bellwether stocks, closed flat for the session.

The day’s performance reflected a cautious market characterised by sector rotation, with investors locking in profits on selected industrial and consumer stocks while maintaining interest in fundamentally strong banking equities.

Investor sentiment remained cautiously positive, with the favourable market breadth indicating that buying interest is still present.

However, the slight decline in the benchmark index suggests participants are becoming increasingly selective, focusing on fundamentally attractive stocks while booking profits in recent outperformers.

Trading is expected to remain mixed in the near term as investors continue to rebalance portfolios following recent rallies.

Banking stocks may continue to dominate market activity, while profit-taking could persist in counters that have posted significant short-term gains.