Profit-taking Drags Equities As Investors Lose N1.33trn

The Nigerian stock market experienced a downturn as profit-taking led to a loss of N1.33 trillion in overall capitalization. Dangote Cement Plc (NGX: DANGCEM) and 38 other stocks saw a decline in the index by 0.18%, resulting in a loss of 1.33 trillion.

Market experts predict a bearish trend to persist due to a measured market breadth and negative investor sentiment. Out of the 65 stocks traded, 26 advanced while 39 declined.

Nigerian Enamelware (NGX: ENAMELWA) recorded the highest price gain at 9.76%, while Royal Exchange (NGX: ROYALEX) led the losers with a 9.09% decline. Dangote Cement, Briscoe, and Jaiz Bank (NGX: JAIZBANK) also saw significant declines.

Total volume traded decreased by 39.7% to 1.56 billion units valued at N2.13 billion. Key activities were seen in Universal Insurance (NGX: UNIVINSURE), AIICO Insurance (NGX: AIICO), and Mutual Benefits Insurance.

Investors are advised to stay updated for market movements.