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 (NGX: MTNN) 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 (NGX: GTCO), Nigerian Breweries (NGX: NB), Zenith Bank (NGX: ZENITHBANK), and Wema Bank (NGX: WEMABANK).

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 (NGX: JOHNHOLT) 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.