Nigerian Stock Market Drops N1.4 Trillion Amid Profit-Taking

The Nigerian stock market opened the week negatively, with a decline of N1.4 trillion attributed to profit-taking in MTN Nigeria Communications Plc and 22 other companies. The NGX All-Share Index (ASI) depreciated by 2,142.84 basis points, or 1.07%, closing at 199,014.02 basis points.

The market capitalization fell to N127.75 trillion. This downturn was driven by price depreciation in large and medium-capitalization stocks, including MTN Nigeria, Guaranty Trust Holding Company, Nigerian Breweries, Zenith Bank, and Wema Bank.

Despite the index decline, market breadth remained positive, with 43 stocks advancing and 23 declining. Presco emerged as the highest price gainer, increasing by 10% to close at N1,871.20 per share.

Zichi Agro Allied Industries and John Holt also saw significant gains. Conversely, Hallmark Insurance led the losers, dropping by 9.64% to close at N4.50 per share.

The total volume of trade decreased by 86% to 848.836 million units, valued at N53.343 billion across 139,458 transactions.