Nigeria's Stock Market Declines by N719bn on October 28

On October 28, Nigeria's stock market experienced a decline of 0.44%, resulting in a loss of N719 billion in market capitalization. The All-Share Index (ASI) dropped by 1,107.28 points, closing at 252,882.78 points, down from 253,990.06 points in the previous session.

The decline was primarily attributed to profit-taking in the financial services sector, which saw the banking sector lead the losses with a 2.36% decrease, while the insurance sector fell by 0.13%. Despite some gains in other sectors, they were insufficient to counteract the overall downward trend.

The market breadth was negative, with 30 stocks closing lower compared to 26 gainers. Trading activity also weakened, with 404.1 million shares valued at N27.9 billion exchanged in 39,012 deals, a significant drop in trading volume and value by 92.23% and 93.68%, respectively, compared to the previous session.