Nigerian Stock Market Drops N107.6bn Amid Profit-Taking

On the Nigerian stock market, a profit-taking trend led to a decline of N107.6 billion, primarily influenced by Dangote Cement Plc (NGX: DANGCEM) and Presco Plc (NGX: PRESCO), among 38 other companies. The stock price of Dangote Cement dropped by 0.61%, closing at N810.00 per share after opening at N815.00, resulting in a market value decrease of N84.4 billion for the cement producer.

Consequently, Dangote Cement's market capitalization fell to N4.5 trillion. The NGX share index depreciated by 167.57 basis points, or 0.09%, closing at 195,898.54 basis points.

The market breadth reflected negative sentiment, with 39 stocks losing value compared to 29 gainers. Presco's stock fell by 10% to N2,083.90 per share, while UACN and Morison also saw declines of 9.97% and 9.94%, respectively.

Conversely, NGX Group gained 10%, closing at N186.45 per share. Total trading volume decreased by 10.1% to 671.27 million units, valued at N26.13 billion across 58,792 deals, with Wema Bank (NGX: WEMABANK) trading 106.36 million units worth N2.75 billion.