Nigerian Stock Market Loses N440bn Amid Profit-Taking

On Thursday, the Nigerian stock market closed lower, with investors losing N440 billion due to profit-taking in large and mid-cap stocks. The market capitalization decreased by 0.30 percent, dropping from N155.417 trillion to N154.977 trillion.

The All-Share Index fell by 712.67 points, settling at 240,037.80 points, down from 240,750.47 points the previous day. Despite this decline, the market's year-to-date return remained at 54.25 percent.

A total of 29 stocks recorded losses, while 14 stocks closed higher. International Energy Insurance led the losses with a 9.85 percent drop to N4.30 per share, followed by WAPIC at a 9.84 percent decline to N2.30.

Fortis Global Insurance lost 9.76 percent, closing at N1.85. In contrast, Haldane McCall was the top gainer, rising by 9.38 percent to N3.85.

Trading activity saw a significant increase, with 2.87 billion shares valued at N33.99 billion exchanged in 34,725 deals, a 140.65 percent rise in volume compared to the previous day.