The bearish momentum persisted in the Nigerian equities market, as the NGXASI dropped by 147bps to close at 102,095.95 points. The decline was primarily driven by a sharp 10.00% drop Dangcem, a market heavyweight, following a cross trade executed at N387.90 per share. Other notable laggards included GTCO (-1.04%), Wapic (-9.57%), and AIICO (-7.61%).
On the brighter side, Dangsugar and NASCON led the gainers’ chart, each advancing by 10.00%, likely driven by increased investor confidence and potential positive market developments in the consumer goods sector. Other gainers included FBNH (+1.58%), Guinness (+7.69%), Unilever (+3.90%), Total (+3.47%), Zenith Bank (+0.43%), and Honeywell Flour Mills (+6.39%).
Market turnover stood at N7.4 billion ($4.8 million), bolstered by active trading in Zenith Bank, Nigerian Breweries, NASCON, Access Holdings, Dangcem, and MTNN. An off-market transaction of 7.5 million BUA Foods shares at N335 per share, valued at over N2.5 billion, further boosted the day’s trading volume.
The year-to-date return on the ASI has slid deeper into negative territory at -0.81%. The market is expected to trade within a narrow range as investors await macroeconomic clarity and monitor key triggers like policy updates, fiscal changes, and global trends.