Nigerian Stock Market Declines N275.15bn Amid Profit-Taking

The Nigerian stock market commenced the new week on a negative note, experiencing a decline of N275.15 billion as investors engaged in profit-taking. The Nigerian Exchange Limited's All-Share Index (NGX ASI) decreased by 428.63 basis points, or 0.21%, closing at 200,484.43 basis points.

Year-to-date, the market has returned 4.2% and 29.1% respectively. The market capitalization fell to N128.694 trillion from N128.969 trillion.

Sector performance was largely bearish, with declines in insurance (1.4%), banking (0.8%), and industrial goods (0.5%), while the oil and gas index was the sole gainer at 0.1%. The market breadth closed negative with 34 stocks declining and 26 advancing.

Austin Laz emerged as the highest price gainer, increasing by 9.98% to close at N4.41 per share. Conversely, Mai Baker Nigeria led the losers, declining by 9.42% to N38.00 per share.

Total trading volume decreased by 0.32% to 593.10 million units valued at N25.62 billion across 60,102 transactions.