Nigerian Equities Extend Decline As Investor Caution Weighs On Market Performance

June 25 () — The Nigerian equities market closed lower on Thursday, as sustained profit-taking and weak investor sentiment pushed key performance indicators further into negative territory.

Market capitalisation declined by ₦958 billion to close at ₦149.888 trillion, down from the opening value of ₦150.846 trillion. Similarly, the All-Share Index (ASI) shed 1,493.71 basis points, falling from 235,074.54 to 233,580.83.

Market breadth remained negative, with 14 gainers against 34 losers, reflecting a cautious trading mood among investors.

On the gainers’ chart,

Red Star Express emerged as the session’s strongest performer, advancing by 9.60 percent (from ₦22.40 to ₦24.55).

Legend Internet, which appreciated by 9.09 percent (from ₦5.50 to ₦6.00).

Neimeth International Pharmaceuticals gained 7.10 percent (to close at ₦8.30 from ₦7.75).

Abbey Mortgage Bank rose by 5.45 percent (from ₦8.25 to ₦8.70).

Ellah Lakes completed the top five gainers, adding 4.65 percent (to close at ₦9.00 from ₦8.60).

Top Decliners

DEAP Capital Management Trust Plc shed -10.00 percent (from N4.50 to N4.05).

Aradel Holdings Plc shedding 10.00 percent, closing at ₦1,575.00 from ₦ 1,750.00).

Trans-Nationwide Express fell by 9.90 percent (from ₦4.04 to ₦3.64).

Regency Alliance Insurance lost 9.57 percent (to close at ₦0.85 from ₦0.94).

C&I Leasing Plc declined by 9.48 percent, (settling at ₦5.25 from ₦5.80).

Meanwhile, Seplat Energy, UACN Plc, Julius Berger, Custodian Investment, Union Dicon Salt, Nestlé Nigeria and Unilever Nigeria Plc, among other heavyweight counters, closed unchanged.

Market sentiment remained bearish as declining stocks significantly outnumbered gainers, with investors continuing to take profits in several bellwether counters.

Trading is expected to remain cautious in the near term as investors reassess valuations and monitor corporate earnings releases for fresh market direction.