Nigerian Equity Market Declines 0.35% Amid Profit-Taking

On Tuesday, the Nigerian equity market experienced a decline, with the NGX index dropping by 0.35%, which translates to a loss of 874.00 points, closing at 246,686.66 points. The total market capitalization decreased by ₦479 billion, settling at ₦158.219 trillion.

This negative performance was significantly influenced by losses in major equities, including PZ Cusson Nigeria PLC, Nigerian Exchange Group (NGX: NGXGROUP), FBN Holdings, Wema Bank (NGX: WEMABANK), and Zenith Bank PLC (NGX: ZENITHBANK). The market breadth remained weak, reflecting a dominant bearish sentiment, with 37 stocks declining compared to only 14 gainers.

PZ Cusson Nigeria led the decline, shedding 10% to close at ₦88.20, while Wema Bank and Sovereign Trust Insurance (NGX: SOVRENINS) also saw significant drops of 9.09% and 8.16%, respectively. Conversely, International Energy Insurance recorded the highest price gain of 9.86%, closing at ₦5.46.

Overall, trading activity was slow, with total volume declining by 47.9% to 587.64 million units valued at ₦23.06 billion across 63,954 deals.