Nigerian Stock Market Dips Below N160 Trillion Mark

The Nigerian stock market began the week with a significant decline, as the overall capitalisation fell below the N160 trillion mark. The All-Share Index (ASI) decreased by 2,261.39 points, representing a loss of 0.91 percent, closing at 245,278.34 points.

This decline resulted in an equity market capitalisation loss of N1.468 trillion, bringing it to N159.257 trillion. The downturn was attributed to price depreciation in large and medium-capitalised stocks, including Dangote Cement, Vitafoam Nigeria, Nigerian Exchange Group, Ecobank Transnational Incorporated, and Custodian Investment.

Analysts observed a bearish sentiment in the market, with stronger trading activity that could not counteract the sustained selling pressure. Cowry Assets Management Limited indicated that while bargain-hunting might support a near-term recovery, ongoing profit-taking could limit market gains.

The session recorded 39 decliners against 15 advancers, with Multi Trex Integrated Foods emerging as the highest price gainer at 10 percent. Conversely, Vitafoam Nigeria led the losers' chart with a 10 percent decline.