The Nigerian equities market opened the new month on a distinctly bearish note, extending the cautious sentiment that has shaped trading in recent weeks. On the first trading day of December, the market lost a total of N200 billion in value, reinforcing concerns that the year-end period may be dominated by profit-taking and thin liquidity.
The benchmark All-Share Index (ASI) fell by 0.22% to close at 143,210.33 points, dragging year-to-date (YTD) performance down to 39.14%, compared to 39.44% at the end of the previous trading week. Market capitalization also slipped by N197.32 billion, settling at N91.09 trillion as sell-side pressure continued to outweigh bullish interest.
Selloffs in Key Blue-Chip Stocks Drive Market Lower
The downtrend was fuelled by notable declines across several heavyweight counters. International Breweries (INTBREW) led the losers with a steep 10.00% fall, followed by Dangote Sugar (-1.61%) and WAPCO (-0.45%). Losses in these stocks erased the modest gains recorded by some financial and consumer names such as UBA (+1.51%), Champion Breweries (+8.11%), and AIICO Insurance (+6.34%).
The broader market weakness also tracked lower activity levels, as total traded volume dipped by 19.74%, while traded value fell by 6.82%. Despite the overall drop in turnover, Cornerstone Insurance emerged as the most actively traded stock, with a massive 908.82 million units exchanged—valued at N4.59 billion—as the counter continued to witness speculative movements following last week’s accumulation by institutional players.
Key Market Indicators at a Glance
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All-Share Index (ASI): -0.22% to 143,210.33 points
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Market Capitalization: -0.22% to N91.09 trillion
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Year-to-Date Return: 39.14%
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Volume of Trades: Down 19.74% to 466.18 million units
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Value of Trades: Down 6.62% to N18.67 billion
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Total Deals: Up 40.26% to 28,956
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Gainers: 19
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Losers: 26
Top Gainers
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NCR: +9.97% to N60.10
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Sunassur: +9.18% to N4.28
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Champion Breweries: +8.11% to N14.00
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Mecure: +7.58% to N29.80
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Guinea Insurance: +7.27% to N1.18
Top Losers
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International Breweries: -10.00% to N10.35
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RT Briscoe: -9.80% to N3.10
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Cornerstone Insurance: -7.83% to N5.53
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DAAR Communications: -6.52% to N0.86
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Regalis: -4.81% to N0.99
Market Breadth Turns Negative as Decliners Outnumber Advancers
Market breadth closed in the negative territory, with 26 losers against 19 gainers, reflecting broad investor caution. The selloffs were particularly intense in the Consumer Goods and Insurance sectors.
International Breweries suffered the sharpest decline, reinforcing the pressure that has trailed breweries amid rising costs and competitive headwinds. RT Briscoe and Cornerstone Insurance, which had seen significant demand last week, also came under heavy profit-taking.
Despite the gloomy tone, the market still recorded notable block trades in key banking stocks. Institutional investors showed continued interest in counters such as Wema Bank, AccessCorp, Fidelity Bank, and Zenith Bank, pointing to a selective accumulation strategy even in a cooling market.
Context: A Reversal From Last Week’s Gains
The negative start to December contrasts with the performance recorded on November 28, when the market gained N180 billion amid mild recovery across Consumer Goods (+0.57%), Banking (+0.25%), and Industrial Goods sectors. However, the Insurance sector—despite contributing the highest turnover—remained under pressure, signalling structural fragilities and high speculative trading activity.
Bearish Mood Persists Into the New Month
Monday’s downturn reinforces the broader bearish momentum that has shaped the market in recent weeks. With liquidity tightening ahead of year-end and investors showing greater sensitivity to valuation risks, analysts expect a mixed trading pattern in the days ahead—dominated by short-term repositioning, selective accumulation, and periodic profit-taking.
The market’s ability to rebound may depend heavily on macroeconomic signals, institutional flows, and sentiment around key financial and industrial stocks.
