NGX Market Value Drops to N151.3 Trillion Amid Profit-Taking

The Nigerian Exchange (NGX) experienced a tightening of market liquidity as its total market capitalization fell to N151.327 trillion, reflecting a 3.59% decline. The benchmark share index closed the week at 235,941.27 points.

This downturn was attributed to significant profit-taking and price adjustments, particularly among heavyweight stocks that marked down dividends. The financial services sector accounted for 67.44% of the total trading volume, which reached N254.614 billion despite a 10.49% drop in bank equities.

The total trade volume decreased to 3.075 billion shares from 4.964 billion shares the previous week. The market breadth remained negative, with 78 equities depreciating in price compared to only 11 that appreciated.

Access Holdings Plc, Sterling Financial Holdings Company Plc, and Jaiz Bank Plc were among the top traded equities. The NGX Bank Index suffered a significant decline of 10.49%, while the NGX African Dividend Yield Index dropped by 14.57%.