Nigerian Stock Market Declines by N1.32 Trillion

The Nigerian stock market opened the week on a negative note, with a depreciation of N1.32 trillion, marking its second consecutive trading session of losses. The Nigerian Exchange Limited's share index declined by 2,049.65 basis points, or 0.84%, closing at 241,749.11 basis points.

The overall market capitalization fell to N155.13 trillion. This negative performance was driven by price depreciation in several large and medium-cap stocks, including BUA Cement, NASCON Allied Industries, and PZ Cussons Nigeria.

International Breweries recorded the highest price gain of 9.77%, closing at N14.60 per share, while Nigerian Aviation Handling Company (NAHCO) gained 8.36%, closing at N177.00. In contrast, PZ Cussons Nigeria led the losers' chart with a 10% decline, closing at N81.00 per share.

Total trading volume increased by 18.7% to 523.54 million units, valued at N22.27 billion, with FCMB Group being the most active, trading 102.24 million shares valued at N1.02 billion. Market analysts expect a rebound as investors look to rebalance their portfolios.