Nigerian Stock Market Declines by N2.34 Trillion

The Nigerian stock market opened the week on a negative note, with profit-taking leading to a decline of N2.34 trillion in overall market capitalization, which closed at N146.565 trillion. The Nigerian Exchange Limited's All-Share Index (NGX ASI) dipped by 1.57% to close at 228,401.92 basis points.

The decline was primarily influenced by a 10% depreciation in the share price of MTN Nigeria Communications (MTNN), which closed at N126.00. Other sectors also performed negatively, including insurance (down 1.3%), banking (down 1.2%), consumer goods (down 0.6%), industrial goods (down 0.4%), and oil and gas (down 0.1%).

Despite the overall downturn, 12 stocks gained, with UPDC recording the highest price gain of 9.23%, closing at N3.55 per share. The total volume of trade increased by 156.4% to 996.47 million units, valued at N43.73 billion across 61,813 transactions.

The market outlook suggests a mixed trading week ahead as investors engage in bargain hunting amidst ongoing profit-taking.