Nigerian Stock Market Declines by N137.12 Billion

The Nigerian stock market, under the Nigerian Exchange Limited (NGX), commenced the week on a negative note, experiencing a decline of N137.12 billion primarily due to profit-taking in First Holdco Plc and 31 other stocks. The stock price of First Holdco decreased by 1.58 percent, leading to a loss of 265.99 basis points or 0.11 percent in the NGX All-Share Index (NGX ASI), which closed at 239,085.17 basis points.

Consequently, the year-to-date return decreased to 53.64 percent from 53.81 percent the previous week. Investor sentiment was notably negative, with 32 stocks declining compared to 18 that advanced.

Red Star Express emerged as the highest price gainer, increasing by 9.86 percent to close at N16.15 per share. Other gainers included University Press, UPDC, Haldane McCall, and Sunu Assurance.

Conversely, International Energy Insurance led the losers, dropping by 9.82 percent to N3.49 per share, followed by Neimeth International Pharmaceuticals and Fidelity Bank.