Insurance Sector Leads Broad-Based Sell-Off As Stock Market Ends Week Negative
The Nigerian stock market closed the week on a negative note, with the All-Share Index (ASI) falling by points and market capitalization losing N92 trillion to reach N92 trillion. This marked the third consecutive trading day of losses, resulting in a total loss of N718 billion in investor wealth.
The insurance sector led the decline, with NEM Insurance Plc, Conoil Plc, and Ellah Lakes Plc among the 35 stocks in the sector that experienced a drop. Despite two days of positive trading earlier in the week, investors were seen selling off shares to lock in profits.
On a positive note, Sterling Financial Holdings Company Plc announced a profit after tax of N5 billion in the first half of 2025, marking a 157% increase from the same period in 2024.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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