Nigerian Stock Market Falls Below N160 Trillion Amid Profit-Taking

The Nigerian stock market began the week with a downward trend, primarily due to profit-taking in Dangote Cement Plc and 38 other companies, leading to a market capitalization drop below N160 trillion. The Nigerian Exchange Limited All-Share Index (NGX ASI) decreased by 2,261.39 basis points, or 0.91 percent, closing at 245,278.34 basis points.

Consequently, equity market capitalization fell by N1.47 trillion, ending at N159.257 trillion. Market sentiment remained bearish, with 39 decliners compared to 15 advancers.

Multi Trex Integrated Foods was the highest price gainer, increasing by 10 percent to close at 66 kobo per share. Conversely, Vitafoam Nigeria led the losers' chart with a 10 percent decline, closing at N174.60 per share.

The total volume traded rose by 35.5 percent to 349.34 million units, valued at N17.99 billion, across 43,115 deals. Analysts indicated that while increased market participation was noted, it could not offset the selling pressure.

Cowry Assets Management Limited suggested that bargain-hunting might support a near-term recovery, although profit-taking could limit market gains.