The Nigerian Exchange (NGX) opened the week on a cautious note as the benchmark index edged lower amid selective profit-taking, while institutional investors maintained strong interest in banking stocks.
The NGX All-Share Index (ASI) declined 0.05 percent to close at 247,238.74, trimming a small portion of last week’s gains.
Equity market capitalisation stood at N159.51 trillion, while investors traded 637.96 million shares valued at N57.20 billion in 71,240 deals.
Banking Stocks Continue to Dominate Trading
The banking sector remained the primary destination for institutional capital with four financial stocks ranking among the day’s five most actively traded equities.
Access Holdings led by volume with 47.57 million shares worth N1.37 billion, followed by FCMB Group with 40.33 million shares valued at N478.25 million.
FirstHoldCo recorded 34.20 million shares worth N4.25 billion, making it the most actively traded stock by value, while Zenith Bank exchanged 25.44 million shares valued at N3.23 billion.
Together, the four banking stocks generated more than N9.3 billion in transactions, underscoring continued institutional confidence in Nigeria’s financial sector.
Mid-Cap Stocks Lead Gainers
Buying interest shifted toward selected mid- and small-cap stocks.
CNIF emerged as the day’s best-performing equity after gaining 9.95 percent.
Thomas Wyatt Nigeria appreciated 9.92 percent, while Lasaco Assurance advanced 9.89 percent.
Other notable gainers included CMFC, which rose 9.18 percent, and Chams Holding Company, up 7.78 percent.
The performance suggests investors rotated into selected growth and value opportunities following the banking-led rally recorded in recent weeks.
Profit-Taking Weighs on Selected Stocks
On the downside, Transcorp Power shed 10.00 percent to lead the losers’ chart.
SUNU Assurances also declined 10.00 percent, while International Breweries fell 9.85 percent.
Neimeth International Pharmaceuticals and Austin Laz & Company lost 9.78 percent and 9.64 percent, respectively.
The losses were spread across multiple sectors, indicating selective profit-taking rather than widespread market weakness.
ETF Market Extends Positive Momentum
Exchange-traded funds continued to post gains despite the slight decline in the benchmark index.
NEWGOLD advanced N11,268.99 to close at N131,550.00, extending its recent rally.
SIAMLETF40, MERGROWTH, VETBANK and MERVALUE also recorded gains, reflecting sustained investor interest in diversified investment products.
Meanwhile, activity in the bond market remained subdued with the listed securities closing unchanged during the session.
Market Analysis
Monday’s trading reflected a market consolidating after several weeks of strong gains rather than one experiencing a meaningful reversal.
Although the NGX All-Share Index closed marginally lower, trading activity remained healthy, with over N57 billion exchanged across more than 71,000 deals.
Institutional investors continued to concentrate liquidity in banking stocks, particularly FirstHoldCo, Zenith Bank, Access Holdings and FCMB Group.
At the same time, buying interest broadened into selected mid-cap and small-cap stocks, suggesting investors are gradually rotating into new opportunities while maintaining core positions in banking equities.
Outlook
The market remains near record levels, and Monday’s marginal decline appears consistent with normal consolidation following the recent rally.
As the earnings season gathers pace, investors are expected to focus on corporate results, institutional fund flows and sector-specific opportunities.
Continued strength in banking stocks, coupled with increasing participation in mid-cap counters, could provide support for the market if positive earnings and economic fundamentals continue to reinforce investor confidence.