Nigerian Stock Market Loses N210bn Amid Profit-Taking

The Nigerian stock market closed last week negatively, with market capitalisation decreasing by N210 billion, primarily due to sustained profit-taking in Aradel Holdings and other stocks. The market capitalisation fell to N160.52 trillion, while the Nigerian Exchange Limited All-Share Index (NGX ASI) dropped by 0.97 percent to close at 247,222.27 basis points.

This decline moderated the market's year-to-date return to 58.87 percent. Investor sentiment remained weak, as the market breadth showed 20 gainers against 55 decliners.

ABC Transport Plc led the gainers with a 20.7 percent increase, while Omatek Ventures Plc recorded the largest decline at 12.5 percent. A total turnover of 2.024 billion shares worth N110.773 billion was traded, compared to 1.659 billion shares valued at N98.088 billion the previous week.

The Financial Services Industry led trading activity, contributing significantly to the total equity turnover. Analysts indicated that future market direction will depend on corporate earnings expectations and broader investor sentiment amid changing macroeconomic conditions.