The Nigerian Exchange Limited started July on a bearish note as investors lost N150 billion on Tuesday, with the market capitalization dropping from N75.95 trillion to N75.8 trillion.
The decline reflected renewed profit-taking after June’s strong rally.
The All-Share Index fell by 237.34 points (0.2%) to close at 119,741.23, bringing the week-to-date loss to 0.04%. Despite the dip, the market maintained a 7.09% gain over the past four weeks and a 16.34% year-to-date return.
Trading activity declined sharply, with 527.08 million shares worth N11.28 billion exchanged in 21,546 deals—representing a 63% drop in volume, 74% decline in value, and 14% fewer deals compared to the previous session.
Honeywell Flour Mill led gainers with a 10% rise to close at N23.65, followed by RT Briscoe, McNichols, and Mutual Benefits Assurance which also gained 10% each. LASACO and Meyer posted significant gains among mid-tier stocks. On the losing side, University Press recorded the highest decline of 10% to close at N5.04, with SCOA Nigeria dropping 9.83%, Thomas Wyatt Nigeria falling 9.57%, and PZ Cussons declining 7.89%.
Ellah Lakes led trading volume with 46.05 million shares, followed by UPDC with 38.5 million shares and Universal Insurance with 30.4 million shares. Nigerian Breweries topped the value chart with ₦1.74bn worth of shares traded.
Sectoral performance showed mixed results, with the Consumer Goods Index rising 31.6% and the Banking Index gaining 17.99%. The Top 30 Index rose 6.8% while the Pension Index climbed 9.59%. However, the Premium Index dipped 0.92%.
“The dip reflects profit-taking after June’s rally, but underlying market strength remains intact given the positive YTD performance,” noted a market analyst.
The market’s negative start to July follows a strong June where investors gained N5.32 trillion. However, cautious sentiment returned on the last trading day of June, setting a bearish tone for the new month.
