Nigerian Stock Market Records N135.13bn Decline; MTN and Others Drive Sell-off

The Nigerian stock market experienced a decline of N135.13 billion due to profit-taking activities in MTN Nigeria Communications (NGX: MTNN) and 28 other companies. The Nigerian Exchange Limited Share Index (NGX ASI) depreciated by 0.13%, leading to a decrease in market capitalization.

Sector performance was mixed, with the NGX Insurance Index, Oil & Gas Index, and Banking Index all recording losses. Investor sentiment was predominantly bearish, with 29 stocks declining and 23 gaining.

Notably, Dangote Sugar Refinery (NGX: DANGSUGAR) saw the highest price gain. Overall, the market closed with a loss in market capitalization.