The market capitalisation of listed equities declined by 0.19 per cent to N159.587 trillion from N159.893 trillion recorded at the close of trading on Thursday.
Similarly, the NGX All-Share Index dropped by 474.00 basis points to 247,357.40 points from 247,831.40 points in the previous session, reflecting renewed selling pressure across key stocks.
Although the overall market breadth remained positive, with 33 gainers outperforming 25 decliners, losses recorded in heavyweight stocks, including Presco and 24 other companies, outweighed the gains posted by some equities such as Cornerstone Insurance, Honeywell Flour, and C&I Leasing.
Following the decline, the market’s year-to-date return moderated to 58.96 per cent.
CNIF leads gainers as insurance and consumer stocks attract interest
Analysis of market performance showed that CNIF emerged as the best-performing stock of the day, gaining 10 per cent to close at N127.60 per share.
C&I Leasing followed with a 9.48 per cent increase, closing at N6.35 per unit, while Cornerstone Insurance advanced by 9.09 per cent to N6.00 per share.
RTBriscoe appreciated by 8.61 per cent to close at N13.25 per share, while Honeywell Flour gained 7.38 per cent to N17.45 per unit.
Universal Insurance also recorded buying interest, rising by 6.67 per cent to close at N0.96 per share.
Presco leads losers as selling pressure hits key stocks
On the losers’ side, Presco emerged as the worst-performing stock, declining by 10 per cent to close at N2,070 per unit.
Thomas Wyatt followed with a loss of 9.93 per cent, closing at N3.63 per share. Trans-Nationwide Express declined by 8.44 per cent to N2.82 per unit, while Royal Exchange fell by 7.86 per cent to N1.29 per share.
LivingTrust Mortgage Bank also recorded a decline, dropping by 7.32 per cent to close at N4.10 per share.
The broad-based losses among several actively traded equities contributed significantly to the decline in the market’s overall value despite the higher number of gainers.
Trading activity declines as investors reduce exposure
Market activity weakened during the session as both trading volume and value declined.
Investors exchanged 614.550 million shares, representing a decrease of 167.80 million shares or 21.45 per cent compared with the 782.350 million shares traded in the previous session.
The value of transactions also dropped by 41.47 per cent to N32.950 billion, executed through 55,282 deals.
The decline in market turnover reflected a more cautious approach among investors amid profit-taking activities and price adjustments in some major stocks.
Access Holdings, UBA and Zenith Bank dominate trading volume
Further analysis of trading activities showed that Access Holdings Company Plc led market transactions, accounting for the highest volume traded during the session.
The company recorded 123.703 million shares valued at N3.693 billion.
United Bank for Africa Plc followed with 30.201 million shares worth N1.445 billion, while Zenith Bank Plc traded 29.297 million shares valued at N3.708 billion.
Chams Plc recorded 27.347 million shares exchanged at a value of N120.739 million, while Sovereign Trust Insurance Plc completed the top five most active stocks with 24.013 million shares worth N4.751 billion.
Despite the decline in market capitalisation, analysts noted that the continued presence of gainers and strong activity in banking and insurance stocks suggest that investor participation remains active, although market sentiment was affected by selling pressure in key equities.