Nigerian Equities Market Loses N516 Billion Amid Profit-Taking

The Nigerian equities market saw a downturn, losing N516 billion as profit-taking emerged following a previous session's gains. The All-Share Index (ASI) decreased by 794.64 points, or 0.32 per cent, closing at 245,911.13.

Market capitalisation fell to N159.15 trillion. The market breadth was negative, with 18 stocks advancing against 40 declining.

LivingTrust Mortgage Bank led the gainers with a 9.90 per cent increase, closing at N3.22 per share, followed by ABC Transport at N7.30, Meyer at N17.50, Livestock Feeds at N18.75, and Caverton Offshore Support Group at N4.80. Conversely, CWG topped the losers' list with a 9.98 per cent drop to N18.05, followed by Austin Laz & Company, Neimeth International Pharmaceuticals, Custodian Investment, and Critical Minerals Financing Corporation.

Trading activity showed mixed results, with total traded volume rising by 1.5 per cent to 354.13 million units, while transaction value decreased by 8.8 per cent to N23.60 billion. Cowry Assets Management Limited indicated that selective bargain-hunting could lead to a rebound, although profit-taking may limit short-term gains.