The Nigerian stock market experienced its first decline of the year yesterday, with market capitalization dropping by N152 billion to close at N63.051 trillion. The all-share index (ASI) fell by 249.42 points (0.24%) to close at 103,398.82 points, primarily due to sell-offs in Northern Nigeria Flour Mills (NNFM) and 50 other stocks.

Market Performance:

The market showed negative investor sentiment, with 51 stocks declining compared to 19 advancing. Trading volume increased by 30% to 1.112 billion units, valued at N14.638 billion across 16,617 deals.

Top Gainers:

- Abbey Mortgage Bank and PZ Cussons Nigeria: Both up 10% (closing at N3.63 and N27.50 respectively)

- Learn Africa: Up 9.90% (closing at N5.44)

- NCR Nigeria: Up 9.77% (closing at N7.30)

- Nigerian Exchange Group: Up 9.72% (closing at N29.90)

Top Losers:

- FTN Cocoa Processors, RT Briscoe Nigeria, and Veritas Kapital Assurance: All down 10%

- SUNU Assurance and Cornerstone Insurance: Both down 9.98%

- Honeywell Flour Mills: Down 9.92%

Most Active Stocks:

FBNH Holdings led trading activity with 161.46 million shares (N4.715 billion), followed by AIICO Insurance with 120.703 million shares (N225.444 million).

Market Outlook:

Analysts at Vetiva Dealings and Brokerage note that the ASI's slower start this January contrasts with the 6.5% gain seen in early 2024. They attribute cautious investor sentiment to higher fixed-income yields and predict selective buying in the next trading session.​​​​​​​​​​​​​​​​