Nigerian Stock Market Declines by N555.7 Billion

On the latest trading day, the Nigerian stock market experienced a decline of N555.7 billion, continuing its downward trend for the third consecutive session. The market capitalization fell from N155.973 trillion to N155.417 trillion, a decrease of 0.36 percent.

This week alone, the market has lost N1.21 trillion from a previous high of N156.624 trillion. The Nigerian Exchange Limited All-Share Index (NGX ASI) closed at 240,750.47 basis points, down 860.76 basis points or 0.36 percent.

Sector performance was mixed, with declines in the NGX Oil & Gas, Insurance, and Consumer Goods indices, while the Banking index saw a slight increase. The drop was primarily driven by profit-taking in Aradel Holdings Plc, Guaranty Trust Holding Company Plc, and Ecobank Transnational Incorporated Plc.

Despite the decline, 27 stocks recorded gains, with Haldane McCall achieving the highest gain of 10 percent. The total volume traded increased by 177.7 percent to 1.19 billion units, valued at N37.82 billion.