Nigerian Equities Market Extends Decline as Selling Pressure Deepens

• Market extends decline: ASI fell 0.11 percent to 239,085.17, while market cap slipped by N137bn to N154.396tn.

• Selling pressure deepens: 32 stocks declined against 18 gainers, pointing to weaker investor sentiment.

• Red Star Express leads gains: The stock rose 9.86 percent, while International Energy Insurance led decliners with a 9.82 percent loss.

August 24, () — The Nigerian equities market opened the new trading week on a negative note on Monday, as increased selling pressure pushed the benchmark index and market capitalisation lower.

The All-Share Index (ASI) fell by 265.99 points from its opening level of 239,351.16 to close at 239,085.17. Similarly, market capitalisation declined by N137 billion, from N154.533 trillion at the opening to N154.396 trillion at the close.

Market breadth weakened significantly, with 18 gainers against 32 decliners, indicating broad-based selling pressure and cautious investor sentiment.

Top Gainers for the session

• Red Star Express led the gainers’ chart, appreciating by 9.86 percent (from N14.70 to N16.15).
• UPL followed with a 9.38 percent gain (rising from N4.80 to N5.25).
• UPDC advanced by 5.97 percent (from N3.35 to N3.55).
• HMCALL gained 3.90 percent (moving from N3.85 to N4.00).
• SUNU Assurances rounded off the top five gainers with a 3.33 percent increase (from N3.00 to N3.10).

On the decliners’ chart

• International Energy Insurance recorded the biggest loss, shedding 9.82 percent (from N3.87 to N3.49).
• Neimeth International Pharmaceuticals followed with a 9.38 percent decline (falling from N8.00 to N7.25).
• Fidelity Bank dropped by 6.00 percent (from N20.00 to N18.80).
• Guinea Insurance declined by 5.19 percent (from N0.77 to N0.73).
• NPF Microfinance Bank completed the top decliners, losing 4.82 percent (to close at N3.95 from N4.15).

Despite the overall weakness, several stocks remained unchanged during the session. Dangote Cement, HBM Nigeria, Okomu Oil Palm, UACN, Custodian Investment and Julius Berger Nigeria were among those that closed flat.

The Monday session points to a cautious start to the week, with declining stocks significantly outnumbering gainers.

The continued weakness in the ASI and market capitalisation suggests that investors remain defensive, with market direction likely to depend on renewed buying interest in subsequent sessions.