Renewed selling pressure in major stocks dragged the Nigerian Exchange Limited (NGX) into negative territory at the start of the week, wiping N91 billion off investors’ wealth as market capitalisation declined yesterday.

Data from the NGX showed that market capitalisation fell from N162.84 trillion at the close of trading last Friday to N162.75 trillion on Monday.

Similarly, the NGX All-Share Index (ASI) shed 140.41 points, representing a 0.06 per cent decline, to close at 250,667.86 points, down from 250,808.27 points recorded on Friday.

The marginal market decline came despite gains in several stocks, including Sovereign Insurance, FTN Cocoa, Tripple Gee, Learn Africa, Livestock Feeds and Neimeth.

Market breadth was negative, with 29 stocks recording price declines against 24 gainers, reflecting the dominance of selling pressure during the session.

Sovereign Insurance led the gainers, appreciating by 10 per cent to close at N2.31 per share. FTN Cocoa followed with a 9.97 per cent increase, rising from N7.62 to N8.38, while Tripple Gee and Company gained 9.87 per cent to close at N2.56, up from N2.33.

Learn Africa advanced by 9.8 per cent to close at N8.40, while Livestock Feeds rose by 9.55 per cent to N9.75.

Neimeth gained 8.72 per cent to close at N8.10, while Chams appreciated by 4.95 per cent to N3.39. UPDC Real Estate Investment Trust rose by 4.60 per cent to N21.60, while Regalis gained 4.29 per cent to close at 73 kobo.

Among the major stocks, Zenith Bank advanced by 0.67 per cent to close at N135.40, while Stanbic IBTC Holdings gained 0.61 per cent to N164.

MTN Nigeria appreciated by 0.24 per cent to close at N842, while First HoldCo recorded a marginal 0.07 per cent gain to settle at N150.15.

On the losers’ chart, CMFC recorded the steepest decline, shedding 9.80 per cent to close at N4.05 per share.

ABC Transport followed with a 9.46 per cent loss, falling from N7.40 to N6.70, while Afriland Properties declined by 7.31 per cent to N10.15.

Japaul Gold also shed 6.94 per cent to close at N2.68.

Sectoral performance was largely negative, with consumer goods and insurance stocks recording notable losses.

The NGX Consumer Goods Index declined by 0.71 per cent, falling from 4,057.09 points to 4,028.35 points.

The NGX Oil and Gas Index also eased marginally from 6,246.73 points to 6,243.45 points, while the NGX Insurance Index dropped from 1,100.3 points to 1,087.67 points.

In contrast, the NGX Industrial Index remained virtually flat, edging up slightly from 10,440.24 points to 10,440.31 points.