Nigerian Exchange Loses N800bn Amid Profit-Taking

On Wednesday, the Nigerian Exchange Limited faced a sharp decline as aggressive profit-taking in high-capitalisation stocks resulted in a loss of N800bn in total market valuation. The All-Share Index decreased by 1,241.19 points, marking a 0.50 per cent drop to close at 245,418.37 basis points, with market capitalisation falling to N158.319 trillion.

Key consumer goods and industrial stocks, including Nestle Nigeria, BUA Foods, UACN, Guinness Nigeria, and MeCure Industries, were primarily responsible for the downturn. Despite this contraction, investor sentiment remained resilient, with 37 gainers surpassing 27 decliners.

Analysts noted that over two-thirds of the total market value was concentrated in First Holdco, indicating strong institutional participation. Tier-one banking stocks continued to attract buying interest.

Cadbury Nigeria, Trans-Nationwide Express, and Unilever Nigeria were among the top gainers, each rising by the maximum daily limit of 10 per cent. Conversely, Nestle Nigeria and BUA Foods led the decliners, each dropping by 10 per cent.